from Friday's GlobeSt. (12/28)
Last updated: December 28, 2007 01:51pm
Dubai World Ups Stake in MGM Mirage
By Brian K. Miller
"LAS VEGAS-Casino-resort operator MGM Mirage said Friday morning that its controlling investor, Kirk Kerkorian, sold 5 million common shares of the company to Dubai World on Christmas Eve at $84.80 per share or $424 million. Dubai World acquired the shares from Kerkorian’s charity, the Lincy Foundation.
Including the 14.2 million shares it acquired directly from MGM Mirage in October and the 350,000 it took in from its tender offer one month earlier, the investment arm of the Dubai government now owns a 6.5% stake in the company." .....
"Under its original agreement with MGM Mirage, Dubai World was to acquire a 50% stake in MGM Mirage’s multi-billion dollar CityCenter development on the Las Vegas Strip and at least 28.4 million common shares (9.5%) of the company, half directly from MGM Mirage and half from shareholders via a tender offer. While its investment in CityCenter and its direct share purchase went off without a hitch the tender offer failed, attracting only the aforementioned 350,000 shares because MGM’s share price jumped several dollars above the $84 per-share tender offer, leaving Dubai World well short of its minimum goal and out of sight of its maximum goal of a 20% stake." ...
"MGM Mirage, the largest landowner on the Las Vegas Strip, owns and operates 17 properties located in Nevada, Mississippi and Michigan. Its $7.4-billion CityCenter development, scheduled to open in November 2009, includes a 4,000-room resort casino, 2,650 condominiums in multiple towers, two 400-room non-gaming hotels and 470,000 sf of retail and entertainment space." ...
for the complete story see:
http://www.globest.com/news/1063_1063/lasvegas/167080-1.html
Monday, December 31, 2007
Chicago's Emerald Casino liscense
from today's Crain's Chicago Business
Emerald Casino ends fight to keep license: lawyer
Dec. 31, 2007
"(AP) — Emerald Casino Inc. has ended years of legal battles to keep control of its long-dormant state gaming license, an attorney for the company says." ...
"Emerald, which hasn't been in operation since 2001, has fought for the right to control the gaming license for years. But state courts have rejected the company's arguments and the Illinois Supreme Court turned down an appeal in November.
The Illinois Gaming Board revoked Emerald's gambling license in 2005, ruling that company officials lied to regulators and let people with ties to organized crime become investors.
The Gaming Board has said it wants to auction the dormant license in early 2008." ...
"State gaming regulators have claimed that the state lost $1 billion in revenue because the license — one of only 10 casino licenses for Illinois — has not been used." ...
for the complete story see:
http://chicagobusiness.com/cgi-bin/news.pl?id=27594
Emerald Casino ends fight to keep license: lawyer
Dec. 31, 2007
"(AP) — Emerald Casino Inc. has ended years of legal battles to keep control of its long-dormant state gaming license, an attorney for the company says." ...
"Emerald, which hasn't been in operation since 2001, has fought for the right to control the gaming license for years. But state courts have rejected the company's arguments and the Illinois Supreme Court turned down an appeal in November.
The Illinois Gaming Board revoked Emerald's gambling license in 2005, ruling that company officials lied to regulators and let people with ties to organized crime become investors.
The Gaming Board has said it wants to auction the dormant license in early 2008." ...
"State gaming regulators have claimed that the state lost $1 billion in revenue because the license — one of only 10 casino licenses for Illinois — has not been used." ...
for the complete story see:
http://chicagobusiness.com/cgi-bin/news.pl?id=27594
Friday, December 21, 2007
NY waterfront redevelopment
from today's GlobeSt (12/21):
Waterfront Revival Phase II May be Worth $2.3B
By John Jordan
"YONKERS-A newly released master plan for the Alexander Street section of this city’s waterfront as proposed could generate more than 3,000 new housing units as well as new retail, office space and increased public access to the Hudson River. City officials officially unveiled the master plan at a meeting of the city’s Community Development Agency last night.
The Alexander Street area’s redevelopment will be the second phase of the city’s plan to revitalize the waterfront district. A proposal valued at approximately $1.3 billion by the partnership of Struever Brothers, Fidelco Realty and Cappelli Enterprises, is now in the approval process with the city and will likely break ground sometime in 2008.
The Alexander Street master plan, authored by New York City-based planning firm Allee King Rosen & Fleming, looks to develop as much as 3,752 units of housing in 18 high-rise towers ranging in height from 12 stories to two 30-story buildings. Also slated for this mainly underutilized former industrial section of the city would be approximately 210,000 sf of neighborhood retail space, 223,000 sf of office space, 6,800 parking spaces in interior parking facilities and another 480 on-street parking spaces and a host of public amenities including a continuous esplanade to the river’s edge and an additional 13 acres of new parkland and open space in addition to the 31 existing acres of parks in the area.
The project site totals 1.3 miles of waterfront or 153 acres--112 acres of land and 41 acres underwater." ...
"The project site is a brownfield area that the city estimates could cost about $50 million to clean up. Several developers have already floated development plans in the Alexander Street area, although none are officially in the approval process. One venture by locally based Homes for America Holdings is called “Point Street Landing,” a $1-billion mixed-use green project."
for the complete story see:
http://www.globest.com/news/1060_1060/westchester/16696
7-1.html
Waterfront Revival Phase II May be Worth $2.3B
By John Jordan
"YONKERS-A newly released master plan for the Alexander Street section of this city’s waterfront as proposed could generate more than 3,000 new housing units as well as new retail, office space and increased public access to the Hudson River. City officials officially unveiled the master plan at a meeting of the city’s Community Development Agency last night.
The Alexander Street area’s redevelopment will be the second phase of the city’s plan to revitalize the waterfront district. A proposal valued at approximately $1.3 billion by the partnership of Struever Brothers, Fidelco Realty and Cappelli Enterprises, is now in the approval process with the city and will likely break ground sometime in 2008.
The Alexander Street master plan, authored by New York City-based planning firm Allee King Rosen & Fleming, looks to develop as much as 3,752 units of housing in 18 high-rise towers ranging in height from 12 stories to two 30-story buildings. Also slated for this mainly underutilized former industrial section of the city would be approximately 210,000 sf of neighborhood retail space, 223,000 sf of office space, 6,800 parking spaces in interior parking facilities and another 480 on-street parking spaces and a host of public amenities including a continuous esplanade to the river’s edge and an additional 13 acres of new parkland and open space in addition to the 31 existing acres of parks in the area.
The project site totals 1.3 miles of waterfront or 153 acres--112 acres of land and 41 acres underwater." ...
"The project site is a brownfield area that the city estimates could cost about $50 million to clean up. Several developers have already floated development plans in the Alexander Street area, although none are officially in the approval process. One venture by locally based Homes for America Holdings is called “Point Street Landing,” a $1-billion mixed-use green project."
for the complete story see:
http://www.globest.com/news/1060_1060/westchester/16696
7-1.html
Javitts expansion stopped
from today's Tradeshow Week eMediate News
Javits Expansion Is 'Dead'
"The long-planned expansion of the Jacob K. Javits Convention Center in New York is "dead," according to New York State Assemblyman Richard Brodsky," ...
"the proposal, whose price tag has ballooned from $1.8 billion to more than an estimated $4 billion."
for the complete story see next week's TSW and:
http://www.tradeshowweek.com/article/CA6514942.html
Javits Expansion Is 'Dead'
"The long-planned expansion of the Jacob K. Javits Convention Center in New York is "dead," according to New York State Assemblyman Richard Brodsky," ...
"the proposal, whose price tag has ballooned from $1.8 billion to more than an estimated $4 billion."
for the complete story see next week's TSW and:
http://www.tradeshowweek.com/article/CA6514942.html
New Orelans, college bowl games, conventions, and tourism
from yesterday's New Orleans Times Picayune (12/20):
College football, off-season convention put N.O. ahead of the tourism game for 2008, and Carnival's right around the corner
Thursday, December 20, 2007
By Jaquetta White
"Six teams, three games and one meeting of economists are adding up to few hotel rooms left in the Crescent City during what hospitality officials are describing as the busiest two-week stretch since Hurricane Katrina.
At least 150,000 visitors are expected through Jan. 7, starting Friday with the New Orleans Bowl and followed by the Sugar Bowl on Jan. 1 and the BCS championship game Jan. 7. In between is the six-day American Economic Association's annual meeting. The projected economic impact is $500 million.
"It's about the best thing that could happen to start off the year from a hospitality standpoint," said Fred Sawyers, president of the Greater New Orleans Hotel and Lodging Association and general manager of the Hilton New Orleans Riverside. "The gods have smiled on us here; everything is working out well."
Although it's the smallest of the games, the New Orleans Bowl is expected to produce an economic impact of $15 million to $20 million. The game pits the University of Memphis, which played in the bowl in 2003 to record crowds, against Florida Atlantic University, which will be competing in its first bowl." ...
"The economist meeting is expected to draw about 8,000 guests to the city Jan. 4-8, a week that does not usually carry a major meeting. A meeting that size has an average economic impact of about $10 million, said Mary Beth Romig, a spokeswoman for the New Orleans Metropolitan Convention & Visitors Bureau.
But it's the unprecedented occurrence of two BCS games within one week that has the industry talking of Super Bowl-sized crowds and spending." ...
"Sugar Bowl officials estimate that the two games will combine to have an economic impact of $400 million, about equal to the Super Bowl XXXVI, adjusted for inflation, in New Orleans in 2002." ....
"It will be especially difficult to find an empty hotel room in the city Jan. 5, 6 and 7. Those nights leading up to the LSU -- Ohio State matchup are already sold out citywide." ...
"The Ritz-Carlton is sold out for the championship game and nearly sold out for the Sugar Bowl, even with a four-night minimum stay requirement, hotel manager Zachary Curry said." ...
"In fact, the interest from Hawaii fans has been the surprise highlight for hoteliers, who initially worried that the distant school's fans would not travel in large numbers. But the college sold out of its initial allotment of 13,500 tickets and requested 1,000 more." ...
"Hawaii's excitement about the game may turn into a financial windfall for local businesses, because Hawaii fans are making a long vacation of their jaunt to the mainland, booking five- to seven-night stays in New Orleans." ...
"Airport Director Sean Hunter said he expects charter flight activity into Louis Armstrong International to increase significantly four or five days before both the Sugar Bowl and the BCS championship game. Several airlines have added flights in preparation for the games, but charters are usually necessary to carry such large crowds into and out of the city from one location." ...
"The best part of this unprecedented bowl season is that it is only the beginning of much to come for the city and specifically the hospitality industry.
Mardi Gras is Feb. 5, less than a month after the championship game. The NBA All-Star Game is the following month, and the French Quarter Festival, New Orleans Jazz and Heritage Festival and the Essence Festival follow in short order. That, in addition to a convention and meeting schedule that is busier than this year." ...
for the complete story see:
NOLA tourism
College football, off-season convention put N.O. ahead of the tourism game for 2008, and Carnival's right around the corner
Thursday, December 20, 2007
By Jaquetta White
"Six teams, three games and one meeting of economists are adding up to few hotel rooms left in the Crescent City during what hospitality officials are describing as the busiest two-week stretch since Hurricane Katrina.
At least 150,000 visitors are expected through Jan. 7, starting Friday with the New Orleans Bowl and followed by the Sugar Bowl on Jan. 1 and the BCS championship game Jan. 7. In between is the six-day American Economic Association's annual meeting. The projected economic impact is $500 million.
"It's about the best thing that could happen to start off the year from a hospitality standpoint," said Fred Sawyers, president of the Greater New Orleans Hotel and Lodging Association and general manager of the Hilton New Orleans Riverside. "The gods have smiled on us here; everything is working out well."
Although it's the smallest of the games, the New Orleans Bowl is expected to produce an economic impact of $15 million to $20 million. The game pits the University of Memphis, which played in the bowl in 2003 to record crowds, against Florida Atlantic University, which will be competing in its first bowl." ...
"The economist meeting is expected to draw about 8,000 guests to the city Jan. 4-8, a week that does not usually carry a major meeting. A meeting that size has an average economic impact of about $10 million, said Mary Beth Romig, a spokeswoman for the New Orleans Metropolitan Convention & Visitors Bureau.
But it's the unprecedented occurrence of two BCS games within one week that has the industry talking of Super Bowl-sized crowds and spending." ...
"Sugar Bowl officials estimate that the two games will combine to have an economic impact of $400 million, about equal to the Super Bowl XXXVI, adjusted for inflation, in New Orleans in 2002." ....
"It will be especially difficult to find an empty hotel room in the city Jan. 5, 6 and 7. Those nights leading up to the LSU -- Ohio State matchup are already sold out citywide." ...
"The Ritz-Carlton is sold out for the championship game and nearly sold out for the Sugar Bowl, even with a four-night minimum stay requirement, hotel manager Zachary Curry said." ...
"In fact, the interest from Hawaii fans has been the surprise highlight for hoteliers, who initially worried that the distant school's fans would not travel in large numbers. But the college sold out of its initial allotment of 13,500 tickets and requested 1,000 more." ...
"Hawaii's excitement about the game may turn into a financial windfall for local businesses, because Hawaii fans are making a long vacation of their jaunt to the mainland, booking five- to seven-night stays in New Orleans." ...
"Airport Director Sean Hunter said he expects charter flight activity into Louis Armstrong International to increase significantly four or five days before both the Sugar Bowl and the BCS championship game. Several airlines have added flights in preparation for the games, but charters are usually necessary to carry such large crowds into and out of the city from one location." ...
"The best part of this unprecedented bowl season is that it is only the beginning of much to come for the city and specifically the hospitality industry.
Mardi Gras is Feb. 5, less than a month after the championship game. The NBA All-Star Game is the following month, and the French Quarter Festival, New Orleans Jazz and Heritage Festival and the Essence Festival follow in short order. That, in addition to a convention and meeting schedule that is busier than this year." ...
for the complete story see:
NOLA tourism
Nazareth, PA Speedway land sale
from yesterday's GlobeSt (12/20)
UPDATE Last updated: December 20, 2007 01:20pm
Nazareth Speedway Goes Back on the Block
By Marita Thomas
"NAZARETH, PA-The former Nazareth Speedway, which originally went to market in early 2005, is back on the sales block. The asking price for the 157.5-acre property is just shy of $18.8 million. " ...
"The property is comprised of six parcels and includes a one-mile paved racetrack and several service and maintenance buildings. “It has three separate zonings,” Camarda says: “57 acres of residential, 90-some acres of general commercial, and 10 acres of industrial.” He acknowledges that the warehouse/distribution sector here is especially robust, but says, “the township would prefer not to have just big box on the land.” ...
for the complete story see:
http://www.globest.com/news/1060_1060/philadelphia/166940-1.html
UPDATE Last updated: December 20, 2007 01:20pm
Nazareth Speedway Goes Back on the Block
By Marita Thomas
"NAZARETH, PA-The former Nazareth Speedway, which originally went to market in early 2005, is back on the sales block. The asking price for the 157.5-acre property is just shy of $18.8 million. " ...
"The property is comprised of six parcels and includes a one-mile paved racetrack and several service and maintenance buildings. “It has three separate zonings,” Camarda says: “57 acres of residential, 90-some acres of general commercial, and 10 acres of industrial.” He acknowledges that the warehouse/distribution sector here is especially robust, but says, “the township would prefer not to have just big box on the land.” ...
for the complete story see:
http://www.globest.com/news/1060_1060/philadelphia/166940-1.html
Mexican resort plans
from yesterday's GlobeSt (12/20):
Strategic Pays $53M for Resort Site
By Joe Clements
"PUNTA MITA, MEXICO-Strategic Hotels & Resorts is aiming to build a mixed-use resort development here after acquiring 57 acres of property on a spear-shaped peninsula hugging the Pacific Ocean coastline. Chicago-based Strategic paid $53 million for the tract to DINE, the Mexican firm that is developing the 1,500-acre Punta Mita vacation enclave. " ...
"Featuring nine miles of shoreline, Punta Mita is surrounded on three sides by coves and white-sand beaches. DINE has spent more than $150 million to date developing the site’s infrastructure. The firm estimates that the property will have a total real estate value of $2 billion at full build out. Presently home to a Four Seasons resort, Punta Mita also has numerous private residences already built or under construction as well as the Jack Nicklaus Signature Golf Course, regularly ranked among the best resort golf courses in the world.
The Punta Mita master plan calls for development of a second Jack Nicklaus course, more residential properties and additional resort developments, including the St. Regis Resort & Residences slated to open by mid-2008." ...
for the complete story see:
http://www.globest.com/news/1060_1060/latinamerica/166945-1.html
Strategic Pays $53M for Resort Site
By Joe Clements
"PUNTA MITA, MEXICO-Strategic Hotels & Resorts is aiming to build a mixed-use resort development here after acquiring 57 acres of property on a spear-shaped peninsula hugging the Pacific Ocean coastline. Chicago-based Strategic paid $53 million for the tract to DINE, the Mexican firm that is developing the 1,500-acre Punta Mita vacation enclave. " ...
"Featuring nine miles of shoreline, Punta Mita is surrounded on three sides by coves and white-sand beaches. DINE has spent more than $150 million to date developing the site’s infrastructure. The firm estimates that the property will have a total real estate value of $2 billion at full build out. Presently home to a Four Seasons resort, Punta Mita also has numerous private residences already built or under construction as well as the Jack Nicklaus Signature Golf Course, regularly ranked among the best resort golf courses in the world.
The Punta Mita master plan calls for development of a second Jack Nicklaus course, more residential properties and additional resort developments, including the St. Regis Resort & Residences slated to open by mid-2008." ...
for the complete story see:
http://www.globest.com/news/1060_1060/latinamerica/166945-1.html
Thursday, December 20, 2007
K Street development saga continues in Sacramento
from yesterday's Sacramento Bee --
K Street battle headed to court
Taking action against blight, the City Council votes to force big landowner to sell his properties.
By Mary Lynne Vellinga - mlvellinga@sacbee.com
Published 12:27 am PST Wednesday, December 19, 2007
"Saying the blight on K Street has festered for too long, Sacramento City Council members brushed aside threats of a drawn out courtroom battle, voting unanimously Tuesday to start the legal process of forcing landowner Moe Mohanna to sell his properties there.
At the close of a bruising four-hour public hearing, Mayor Heather Fargo said she still hopes the city can reach an amicable settlement with Mohanna, but needs to have the tool of eminent domain at its disposal.
"The message that this sends is that the city of Sacramento is serious about K Street," Fargo said after the 9-0 vote. "K Street is going to be a retail street that people in Sacramento will be proud of, and we will do whatever it takes to get there."
The next step is for the city to convince a Sacramento Superior Court that the use of eminent domain is justified. Then, it would be up to a jury to decide how much the city would have to pay Mohanna for his nine properties on two of the bleakest blocks on the K Street Mall." ....
"A parade of prominent downtown developers, business people and civic leaders, however, urged the city to do whatever it takes – including exercising eminent domain – to move forward with redevelopment.
Joe Zeiden, owner of the Z Gallerie, plans to convert the historic buildings in the 700 block into a row that includes upscale retailers such as Sur La Table, Z Gallerie and Anthropologie.
Zeiden attended the hearing but didn't speak. His lawyer, Richard Hyde, told the council that "this city is fortunate to have a developer of this quality willing to take an interest in and redevelop K Street."
David Taylor, downtown's most prominent high-rise developer, said the picture was bleak. "I've never been more discouraged about K Street than I am right now, and I'm fearful that if you don't do anything tonight, you'll be in exactly the same spot that you're in five years from now, 10 years from now," he said. Taylor is a member of the team currently converting the old Woolworth store at 10th and K streets into a live theater and restaurant." ...
"A year ago, the city had in hand a signed deal with Mohanna and Zeiden to move forward with redevelopment on the two blocks. Mohanna had agreed to swap his properties on the 700 block with an equal amount of property on the 800 block. The city has spent more than $24 million to help Zeiden by acquiring properties that could be swapped with Mohanna's.
But a fire over Thanksgiving weekend in 2006 destroyed one of Mohanna's buildings in the 800 block. The city responded by declaring that the other buildings on the block were now dangerous and had to be knocked down.
Suddenly, Mohanna was faced with swapping a row of intact buildings on the 700 block with a hole in the ground on the 800 block. He balked, and the city is now fighting him in court to force him to follow through with the deal. City officials say the plan was always to demolish the buildings on the 800 block and build a new structure. But Mohanna had been hoping to rent them out until a development project made economic sense.
Mohanna and city leaders have been negotiating, but they have yet to agree on a new set of terms that would persuade Mohanna to go forward with the swap." ...
for the complete story see:
http://www.sacbee.com/245/story/577982.html
K Street battle headed to court
Taking action against blight, the City Council votes to force big landowner to sell his properties.
By Mary Lynne Vellinga - mlvellinga@sacbee.com
Published 12:27 am PST Wednesday, December 19, 2007
"Saying the blight on K Street has festered for too long, Sacramento City Council members brushed aside threats of a drawn out courtroom battle, voting unanimously Tuesday to start the legal process of forcing landowner Moe Mohanna to sell his properties there.
At the close of a bruising four-hour public hearing, Mayor Heather Fargo said she still hopes the city can reach an amicable settlement with Mohanna, but needs to have the tool of eminent domain at its disposal.
"The message that this sends is that the city of Sacramento is serious about K Street," Fargo said after the 9-0 vote. "K Street is going to be a retail street that people in Sacramento will be proud of, and we will do whatever it takes to get there."
The next step is for the city to convince a Sacramento Superior Court that the use of eminent domain is justified. Then, it would be up to a jury to decide how much the city would have to pay Mohanna for his nine properties on two of the bleakest blocks on the K Street Mall." ....
"A parade of prominent downtown developers, business people and civic leaders, however, urged the city to do whatever it takes – including exercising eminent domain – to move forward with redevelopment.
Joe Zeiden, owner of the Z Gallerie, plans to convert the historic buildings in the 700 block into a row that includes upscale retailers such as Sur La Table, Z Gallerie and Anthropologie.
Zeiden attended the hearing but didn't speak. His lawyer, Richard Hyde, told the council that "this city is fortunate to have a developer of this quality willing to take an interest in and redevelop K Street."
David Taylor, downtown's most prominent high-rise developer, said the picture was bleak. "I've never been more discouraged about K Street than I am right now, and I'm fearful that if you don't do anything tonight, you'll be in exactly the same spot that you're in five years from now, 10 years from now," he said. Taylor is a member of the team currently converting the old Woolworth store at 10th and K streets into a live theater and restaurant." ...
"A year ago, the city had in hand a signed deal with Mohanna and Zeiden to move forward with redevelopment on the two blocks. Mohanna had agreed to swap his properties on the 700 block with an equal amount of property on the 800 block. The city has spent more than $24 million to help Zeiden by acquiring properties that could be swapped with Mohanna's.
But a fire over Thanksgiving weekend in 2006 destroyed one of Mohanna's buildings in the 800 block. The city responded by declaring that the other buildings on the block were now dangerous and had to be knocked down.
Suddenly, Mohanna was faced with swapping a row of intact buildings on the 700 block with a hole in the ground on the 800 block. He balked, and the city is now fighting him in court to force him to follow through with the deal. City officials say the plan was always to demolish the buildings on the 800 block and build a new structure. But Mohanna had been hoping to rent them out until a development project made economic sense.
Mohanna and city leaders have been negotiating, but they have yet to agree on a new set of terms that would persuade Mohanna to go forward with the swap." ...
for the complete story see:
http://www.sacbee.com/245/story/577982.html
Park Plaza hotels moving into Middle East
from yesterday's Hotels online news
Park Plaza Expands Into Qatar, Morocco
Park Plaza Hotels
December 19, 2007
"Park Plaza Hotels has announced the signing of franchise agreements for new hotels in Qatar and Morocco. The hotels, located in Doha and Marrakech, will be operated by a local subsidiary of Global V Hospitality Inc, the territorial sub-license partner for the Park Plaza Hotels & Resorts brand in Morocco, Egypt and the Gulf States, under franchise agreements with Park Plaza Hotels.
The new-build hotels are currently under construction in the main central hub of Doha and Marrakech – both thriving cities and emerging markets for Park Plaza Hotels to extend their brand reach and destination offering. The hotels will add an additional 281 guest rooms to the company’s 4000+ room and growing EMEA collection and is key to their aggressive expansion strategy over the next few years." ....
for the complete story see the news section of:
http://www.hotelsmag.com/
Park Plaza Expands Into Qatar, Morocco
Park Plaza Hotels
December 19, 2007
"Park Plaza Hotels has announced the signing of franchise agreements for new hotels in Qatar and Morocco. The hotels, located in Doha and Marrakech, will be operated by a local subsidiary of Global V Hospitality Inc, the territorial sub-license partner for the Park Plaza Hotels & Resorts brand in Morocco, Egypt and the Gulf States, under franchise agreements with Park Plaza Hotels.
The new-build hotels are currently under construction in the main central hub of Doha and Marrakech – both thriving cities and emerging markets for Park Plaza Hotels to extend their brand reach and destination offering. The hotels will add an additional 281 guest rooms to the company’s 4000+ room and growing EMEA collection and is key to their aggressive expansion strategy over the next few years." ....
for the complete story see the news section of:
http://www.hotelsmag.com/
suburban slump around Sacramento
from today's Sacramento Bee
Suburban growth slows
Placer, El Dorado population boom experiences a lull
By Phillip Reese - And Carrie Peyton Dahlberg
Published 12:00 am PST Thursday, December 20, 2007
"A few years ago, Placer and El Dorado counties were red hot, flush with Bay Area transplants and drawing more residents each year at a tremendous rate.
Now that trend is cooling.
Both counties grew at a slower pace in the past fiscal year than during any of the previous 35 years, according to population estimates released Wednesday by the California Department of Finance.
Placer County's population rose by 2.1 percent from July 2006 to July 2007. El Dorado County added 1 percent – matching the statewide rate. Both counties saw less than half their dizzying annual growth at the height of the local housing boom.
In the rest of the region, growth remained relatively steady: a little over 1 percent in Sacramento County; about 2 percent in Yuba and Yolo counties; and about 3 percent in Sutter County.
Population growth affects everything from tax revenues to additional retail outlets to housing prices. The slowdown is making local governments more cautious about spending decisions, with some holding vacancies open longer, shrinking operations or mobilizing task forces on cost cutting.
Slowing growth, however, could give the region breathing room for better planning, according to some environmentalists. And many local officials contacted Wednesday downplayed the numbers, saying that lower rates of growth may be healthy.
"It isn't all necessarily bad news," said Gordon Garry, director of research and analysis for the Sacramento Area Council of Governments.
Garry noted that Placer County still grew faster than all but eight other counties in the state. In El Dorado County, he said, a slowdown might help alleviate the current lopsidedness of being "high on houses and low on jobs."
Even so, Placer County hasn't seen a lower rate of population growth since 1971, according to state figures. And El Dorado's hasn't been this low since 1968.
The driver for the change appeared to be a statewide drop in domestic migration – movement from one part of the country to another. Instead, all of California's growth this year came from natural increase – more births than deaths – and immigration from other countries." ....
"California's chief economist, Howard Roth, also noted that places like Roseville and Lincoln can't grow forever without expanding their borders.
"Local economies are maturing – building is slowing down," Roth said.
Then there are the foreclosures. California residents who have lost their homes, Roth said, are opting to move out of state.
In all, about 90,000 more people left California than came here from another state this year, and Roth said that trend may be cause for concern.
When more residents leave than arrive, he said, it "often relates to what people think of California. Our economy is slowing down. We had a pretty big housing bubble that burst."
Locally, the slowing growth rate is being felt widely. El Dorado County has reduced its building services division by about a third because construction has slowed so much, particularly in once-booming El Dorado Hills, said Laura Gill, the county's chief administrative officer.
Some projects have been put on hold indefinitely, while other builders have told the county they're finishing homes under way but won't start new ones, Gill said." .....
"While Roseville's growth is slower than during its peak years, it has rebounded some as the city gears up to develop its western flank, said city manager Craig Robinson.
Homebuilders took out 1,250 single family building permits in 2007 – though that is down from a high of 2,000 a few years ago, he said – while the two malls are expanding significantly." ....
"Rocklin has long been preparing for the day when land it set aside for new neighborhoods is fully occupied, said city manager Carlos Urrutia.
"We're pretty well planned out; we know where we're going," he said. The recent slowdown means that buildout will not come in 2012 or 2013 as expected, and Rocklin will have to budget carefully along the way, Urrutia said." ....
"Environmentalists are hoping that as the race to build suburban homes slows, their lobbying for central, infill development could gain ground.
"It's a chance to stop paving over farmland, do the infill, take stock and figure out how to deal with growth issues instead of blindly handing out building permits," said Jim Pachl, legal counsel for Friends of the Swainson's Hawk." ....
for the complete story see:
http://www.sacbee.com/101/story/580769.html
Suburban growth slows
Placer, El Dorado population boom experiences a lull
By Phillip Reese - And Carrie Peyton Dahlberg
Published 12:00 am PST Thursday, December 20, 2007
"A few years ago, Placer and El Dorado counties were red hot, flush with Bay Area transplants and drawing more residents each year at a tremendous rate.
Now that trend is cooling.
Both counties grew at a slower pace in the past fiscal year than during any of the previous 35 years, according to population estimates released Wednesday by the California Department of Finance.
Placer County's population rose by 2.1 percent from July 2006 to July 2007. El Dorado County added 1 percent – matching the statewide rate. Both counties saw less than half their dizzying annual growth at the height of the local housing boom.
In the rest of the region, growth remained relatively steady: a little over 1 percent in Sacramento County; about 2 percent in Yuba and Yolo counties; and about 3 percent in Sutter County.
Population growth affects everything from tax revenues to additional retail outlets to housing prices. The slowdown is making local governments more cautious about spending decisions, with some holding vacancies open longer, shrinking operations or mobilizing task forces on cost cutting.
Slowing growth, however, could give the region breathing room for better planning, according to some environmentalists. And many local officials contacted Wednesday downplayed the numbers, saying that lower rates of growth may be healthy.
"It isn't all necessarily bad news," said Gordon Garry, director of research and analysis for the Sacramento Area Council of Governments.
Garry noted that Placer County still grew faster than all but eight other counties in the state. In El Dorado County, he said, a slowdown might help alleviate the current lopsidedness of being "high on houses and low on jobs."
Even so, Placer County hasn't seen a lower rate of population growth since 1971, according to state figures. And El Dorado's hasn't been this low since 1968.
The driver for the change appeared to be a statewide drop in domestic migration – movement from one part of the country to another. Instead, all of California's growth this year came from natural increase – more births than deaths – and immigration from other countries." ....
"California's chief economist, Howard Roth, also noted that places like Roseville and Lincoln can't grow forever without expanding their borders.
"Local economies are maturing – building is slowing down," Roth said.
Then there are the foreclosures. California residents who have lost their homes, Roth said, are opting to move out of state.
In all, about 90,000 more people left California than came here from another state this year, and Roth said that trend may be cause for concern.
When more residents leave than arrive, he said, it "often relates to what people think of California. Our economy is slowing down. We had a pretty big housing bubble that burst."
Locally, the slowing growth rate is being felt widely. El Dorado County has reduced its building services division by about a third because construction has slowed so much, particularly in once-booming El Dorado Hills, said Laura Gill, the county's chief administrative officer.
Some projects have been put on hold indefinitely, while other builders have told the county they're finishing homes under way but won't start new ones, Gill said." .....
"While Roseville's growth is slower than during its peak years, it has rebounded some as the city gears up to develop its western flank, said city manager Craig Robinson.
Homebuilders took out 1,250 single family building permits in 2007 – though that is down from a high of 2,000 a few years ago, he said – while the two malls are expanding significantly." ....
"Rocklin has long been preparing for the day when land it set aside for new neighborhoods is fully occupied, said city manager Carlos Urrutia.
"We're pretty well planned out; we know where we're going," he said. The recent slowdown means that buildout will not come in 2012 or 2013 as expected, and Rocklin will have to budget carefully along the way, Urrutia said." ....
"Environmentalists are hoping that as the race to build suburban homes slows, their lobbying for central, infill development could gain ground.
"It's a chance to stop paving over farmland, do the infill, take stock and figure out how to deal with growth issues instead of blindly handing out building permits," said Jim Pachl, legal counsel for Friends of the Swainson's Hawk." ....
for the complete story see:
http://www.sacbee.com/101/story/580769.html
Monday, December 17, 2007
Sacramento Railyards project approved
from Friday's GlobeSt:
Council Approves Downtown Rail Yard Redevelopment
By Brian K. Miller
"SACRAMENTO, CA-The Sacramento City Council this week approved a plan for one of the largest urban infill opportunities in the nation, Union Pacific’s 240-acre railroad yard. The multi-billion, multi-phase project would transform the dormant land adjacent to Downtown into a dense mixed-use village that includes no less than 7,400 housing units, 1.2 million sf of office, 570,000 sf of retail and 42 acres of open space.
The master developer is Atlanta-based Thomas Enterprises, whose other projects include 1,500-acre mixed-use development in Orlando called the Boulevard. The company filed its development plan for the Sacramento project in June 2005 and acquired the land from Union Pacific shortly thereafter. If it ultimately happens, the redevelopment would generate approximately 19,000 jobs and push $2.7 billion into the local economy, according to a study commissioned by the city.
The plan calls for a redeveloped rail yard anchored by an intermodal transportation terminal, the historic Central Shop buildings and a Railroad Technology Museum. The Central Shop buildings, once the largest railroad maintenance facility west of the Mississippi, would become a public marketplace. The development would be linked to the Downtown via an extension of 5th and 6th streets over the relocated railroad tracks.
The initial term of the development agreement with the city is 10 years commencing upon the relocation of the railroad tracks. The agreement may be extended by as much as 20 years in five-year increments if certain benchmarks are achieved.
Thomas Enterprises may obtain a five-year extension of the initial 10-year term if the site by that time holds at least 700 residential units, 200,000 sf of office and 350,000 sf of retail. To obtain an additional five-year extension, it would need to deliver an additional 150,000 sf of retail, 500,000 sf of office and 1,000 residential units. The hurdle for a third extension is an additional 400,000 sf of office, 20,000 sf of retail and 2,700 residential units. To obtain the fourth extension, it must have added another 3,000 residential units, 50,000 sf of retail and 80,000 sf of office." ...
for the complete story see:
http://www.globest.com/news/1055_1055/sacramento/16
6801-1.html
Council Approves Downtown Rail Yard Redevelopment
By Brian K. Miller
"SACRAMENTO, CA-The Sacramento City Council this week approved a plan for one of the largest urban infill opportunities in the nation, Union Pacific’s 240-acre railroad yard. The multi-billion, multi-phase project would transform the dormant land adjacent to Downtown into a dense mixed-use village that includes no less than 7,400 housing units, 1.2 million sf of office, 570,000 sf of retail and 42 acres of open space.
The master developer is Atlanta-based Thomas Enterprises, whose other projects include 1,500-acre mixed-use development in Orlando called the Boulevard. The company filed its development plan for the Sacramento project in June 2005 and acquired the land from Union Pacific shortly thereafter. If it ultimately happens, the redevelopment would generate approximately 19,000 jobs and push $2.7 billion into the local economy, according to a study commissioned by the city.
The plan calls for a redeveloped rail yard anchored by an intermodal transportation terminal, the historic Central Shop buildings and a Railroad Technology Museum. The Central Shop buildings, once the largest railroad maintenance facility west of the Mississippi, would become a public marketplace. The development would be linked to the Downtown via an extension of 5th and 6th streets over the relocated railroad tracks.
The initial term of the development agreement with the city is 10 years commencing upon the relocation of the railroad tracks. The agreement may be extended by as much as 20 years in five-year increments if certain benchmarks are achieved.
Thomas Enterprises may obtain a five-year extension of the initial 10-year term if the site by that time holds at least 700 residential units, 200,000 sf of office and 350,000 sf of retail. To obtain an additional five-year extension, it would need to deliver an additional 150,000 sf of retail, 500,000 sf of office and 1,000 residential units. The hurdle for a third extension is an additional 400,000 sf of office, 20,000 sf of retail and 2,700 residential units. To obtain the fourth extension, it must have added another 3,000 residential units, 50,000 sf of retail and 80,000 sf of office." ...
for the complete story see:
http://www.globest.com/news/1055_1055/sacramento/16
6801-1.html
NYC hotels
from yesterday's USA Today
NYC hotel boom may ease room shortage
"NEW YORK (AP) — While planning her vacation to New York, Lisa Werness was so horrified by the prices in Manhattan that she opted for cheaper lodging in Brooklyn — where she scored a room rate of just $400 a night." ...
"Now, with 8,500 hotel rooms under construction in the city — a growth of more than 10% — that crunch could ease ever so slightly in the coming months. By comparison, it took from 1998 to 2007 to make a leap of the same size.
"One of the challenges that New York has always had is having enough rooms for tourists," said Sean Hennessey, CEO of industry consulting firm Lodging Investment Advisors. "Most of the time the corporate travelers are willing to pay more than the tourists, and the tourists kind of get crowded out."
New York sees more overseas and domestic visitors than any other U.S. destination except Orlando, according to analysts at Global Insight Inc. But it has fewer hotel rooms than less-popular spots including Las Vegas, Chicago, the Los Angeles metro area and Atlanta, according to Smith Travel Research.
The resulting shortage leads many travelers seeking an affordable room to head far afield of the usual tourist draws, and hotel developers have taken notice, with new lodging under construction or recently opened in Brooklyn, Queens, the Bronx, Long Island and beyond." ...
"Indeed, the city's occupancy rate is much higher than elsewhere around the country — averaging 85% in Manhattan during the first nine months of this year, compared with the national average of 65%, according to Smith Travel Research. Manhattan's hotels are at or near capacity most nights of the year, said Hennessey, adding that the current growth is the largest he's seen in the city in 25 years.
While hotel developers are doing well around the country, the high demand and rising prices in New York City have convinced investors that it's a particularly good time to build hotels here. Even the current influx of rooms is unlikely to glut the market and knock down prices, Hennessey said, although he noted that an economic downturn could lead companies to cut back on business travel — a move that could lead to cheaper rates.
As of October, New York had 59 hotels under construction — more than any of the 26 other U.S. cities with the largest number of hotel rooms, according to Smith Travel Research. It also had 103 hotels in the planning stage, beating out all those other markets.
With most of those new properties expected to charge what Hennessey called "mid-market" prices, the new hotels should be a boon for tourists, although mid-range in New York — $200 to $300 per night — may still seem far too expensive for some.
In part, the building boom has been driven by developers like McSam Hotel Group LLC, which has made a business of buying properties not zoned for residential use but too small to be attractive as office space, then converting them into functional hotels with small rooms, Hennessey said. As of September, the company had nearly 30 hotels expected to open around the city by 2009, according to city tourism office NYC & Company." ...
"While properties already under construction are unlikely to be called off, the mortgage crunch has some in the industry wondering if future projects might be slowed by the rising price of financing. Either way, it seems unlikely that a city with such high real estate prices will soon be offering truly cheap hotel rooms." ...
for the complete story see:
http://www.usatoday.com/money/industries/travel/2007-12-1
6-nyc-hotels_N.htm?csp=34
NYC hotel boom may ease room shortage
"NEW YORK (AP) — While planning her vacation to New York, Lisa Werness was so horrified by the prices in Manhattan that she opted for cheaper lodging in Brooklyn — where she scored a room rate of just $400 a night." ...
"Now, with 8,500 hotel rooms under construction in the city — a growth of more than 10% — that crunch could ease ever so slightly in the coming months. By comparison, it took from 1998 to 2007 to make a leap of the same size.
"One of the challenges that New York has always had is having enough rooms for tourists," said Sean Hennessey, CEO of industry consulting firm Lodging Investment Advisors. "Most of the time the corporate travelers are willing to pay more than the tourists, and the tourists kind of get crowded out."
New York sees more overseas and domestic visitors than any other U.S. destination except Orlando, according to analysts at Global Insight Inc. But it has fewer hotel rooms than less-popular spots including Las Vegas, Chicago, the Los Angeles metro area and Atlanta, according to Smith Travel Research.
The resulting shortage leads many travelers seeking an affordable room to head far afield of the usual tourist draws, and hotel developers have taken notice, with new lodging under construction or recently opened in Brooklyn, Queens, the Bronx, Long Island and beyond." ...
"Indeed, the city's occupancy rate is much higher than elsewhere around the country — averaging 85% in Manhattan during the first nine months of this year, compared with the national average of 65%, according to Smith Travel Research. Manhattan's hotels are at or near capacity most nights of the year, said Hennessey, adding that the current growth is the largest he's seen in the city in 25 years.
While hotel developers are doing well around the country, the high demand and rising prices in New York City have convinced investors that it's a particularly good time to build hotels here. Even the current influx of rooms is unlikely to glut the market and knock down prices, Hennessey said, although he noted that an economic downturn could lead companies to cut back on business travel — a move that could lead to cheaper rates.
As of October, New York had 59 hotels under construction — more than any of the 26 other U.S. cities with the largest number of hotel rooms, according to Smith Travel Research. It also had 103 hotels in the planning stage, beating out all those other markets.
With most of those new properties expected to charge what Hennessey called "mid-market" prices, the new hotels should be a boon for tourists, although mid-range in New York — $200 to $300 per night — may still seem far too expensive for some.
In part, the building boom has been driven by developers like McSam Hotel Group LLC, which has made a business of buying properties not zoned for residential use but too small to be attractive as office space, then converting them into functional hotels with small rooms, Hennessey said. As of September, the company had nearly 30 hotels expected to open around the city by 2009, according to city tourism office NYC & Company." ...
"While properties already under construction are unlikely to be called off, the mortgage crunch has some in the industry wondering if future projects might be slowed by the rising price of financing. Either way, it seems unlikely that a city with such high real estate prices will soon be offering truly cheap hotel rooms." ...
for the complete story see:
http://www.usatoday.com/money/industries/travel/2007-12-1
6-nyc-hotels_N.htm?csp=34
Chicago caisno troubles
from today's Crain's Chicago Business
Hoped-for casino boost faces long odds
By Steven R. Strahler and Steve Daniels
Dec. 17, 2007
"As a downtown Chicago casino inches closer to reality, results from gambling forays in Detroit and other Midwestern cities suggest a limited payout here for the convention and tourism industries.
Three casinos near downtown Detroit, the first of which opened in 1999, have done little to attract more visitors or otherwise boost the city's struggling economy" ...
"Chicago casino boosters cite a potential impact of as much as $950 million a year in annual revenue and 2,500 new jobs from a casino with 4,000 gambling positions, figures that could grow to $1.2 billion and 3,200 jobs for the hospitality industry as a whole. But critics say much of that would not be new money.
'IT'S A ZERO-SUM GAME'
"The good thing (about casinos) is they make a lot of money," says William Thompson, a University of Nevada at Las Vegas professor of public administration. Casinos "pay a lot of taxes. The bad thing is they make the money off local residents. It's a zero-sum game."
After more than 15 years of false starts, approval of a Chicago casino appears more likely than ever, with Illinois House Speaker Michael Madigan backing a bill that calls for a city-owned casino in Chicago and two others elsewhere. The House Gaming Committee had been expected to consider the bill this week, but on Friday Mr. Madigan canceled plans to reconvene. An even more ambitious casino bill passed the Senate in September.
The House bill is backed, with reservations, by Mayor Richard M. Daley, who wants the Legislature to omit an $800-million license fee that's part of the Senate bill.
Chicago casino backers are counting on gambling to encourage longer stays from many of the approximately 33 million conventioneers, tourists and others who visit the city each year. They're also hoping it will lift Chicago's convention industry, which has slipped behind Las Vegas and Orlando, Fla., as a trade show destination.
'WON'T MOVE THE NEEDLE'
However, fewer than 10% of U.S. convention officials say casinos are a key site-selection factor, says Michael Hughes, associate publisher of Los Angeles-based Tradeshow Week." ...
"In Detroit, about 20% of casino patrons are non-locals, according to the Detroit Metro Convention & Visitors Bureau, which credits the casinos with spurring development or renovation of more than 2,000 hotel rooms. The city is hoping for more tourism dollars as the MGM Grand Detroit, MotorCity Casino and Greektown Casino, which ring the central business district, settle into their new hotel locations." ...
for the complete story see:
http://chicagobusiness.com/cgi-bin/mag/article.pl?article_id=2
9000
Hoped-for casino boost faces long odds
By Steven R. Strahler and Steve Daniels
Dec. 17, 2007
"As a downtown Chicago casino inches closer to reality, results from gambling forays in Detroit and other Midwestern cities suggest a limited payout here for the convention and tourism industries.
Three casinos near downtown Detroit, the first of which opened in 1999, have done little to attract more visitors or otherwise boost the city's struggling economy" ...
"Chicago casino boosters cite a potential impact of as much as $950 million a year in annual revenue and 2,500 new jobs from a casino with 4,000 gambling positions, figures that could grow to $1.2 billion and 3,200 jobs for the hospitality industry as a whole. But critics say much of that would not be new money.
'IT'S A ZERO-SUM GAME'
"The good thing (about casinos) is they make a lot of money," says William Thompson, a University of Nevada at Las Vegas professor of public administration. Casinos "pay a lot of taxes. The bad thing is they make the money off local residents. It's a zero-sum game."
After more than 15 years of false starts, approval of a Chicago casino appears more likely than ever, with Illinois House Speaker Michael Madigan backing a bill that calls for a city-owned casino in Chicago and two others elsewhere. The House Gaming Committee had been expected to consider the bill this week, but on Friday Mr. Madigan canceled plans to reconvene. An even more ambitious casino bill passed the Senate in September.
The House bill is backed, with reservations, by Mayor Richard M. Daley, who wants the Legislature to omit an $800-million license fee that's part of the Senate bill.
Chicago casino backers are counting on gambling to encourage longer stays from many of the approximately 33 million conventioneers, tourists and others who visit the city each year. They're also hoping it will lift Chicago's convention industry, which has slipped behind Las Vegas and Orlando, Fla., as a trade show destination.
'WON'T MOVE THE NEEDLE'
However, fewer than 10% of U.S. convention officials say casinos are a key site-selection factor, says Michael Hughes, associate publisher of Los Angeles-based Tradeshow Week." ...
"In Detroit, about 20% of casino patrons are non-locals, according to the Detroit Metro Convention & Visitors Bureau, which credits the casinos with spurring development or renovation of more than 2,000 hotel rooms. The city is hoping for more tourism dollars as the MGM Grand Detroit, MotorCity Casino and Greektown Casino, which ring the central business district, settle into their new hotel locations." ...
for the complete story see:
http://chicagobusiness.com/cgi-bin/mag/article.pl?article_id=2
9000
Friday, December 14, 2007
local/regional real estate news
California Real Estate Journal (12/10): L.A. office market
New Orleans City Business (12/3): New Orleans redevelopment issues
San Fernando Valley Business Journal (12/10): North Hollywood BID launched
New Orleans City Business (12/3): New Orleans redevelopment issues
San Fernando Valley Business Journal (12/10): North Hollywood BID launched
misc news
Journal of Convention and Event Tourism (Winter 2006): long-term financial implications to a municipality of building a convention center; public financing for a headquarters hotel; estimating the economic impact of event tourism; measuring economic impacts of convention centers; convention and exhibit center development in Korea
New Urban News (Dec): General Growth going mixed use in UT
Shopping Center Business (Dec): Patriot Place -- retail around Gillette Stadium; mixed-use in Normal, IL; mixed-use density design
Valuation (4th Q.) review of appraisers' data sources; feature on 3 data providers (Korpacz, HVS intl, and RERC); tables on economic and market indicators from Standard and Poor's, Korpacz, and the Federal Reserve.
CP and DR (Dec): BART station and redevelopment in downtown Hayward and impact on housing; Hesperia profile
Tradeshow Week (12/10): Gaylord expansion plans
New Urban News (Dec): General Growth going mixed use in UT
Shopping Center Business (Dec): Patriot Place -- retail around Gillette Stadium; mixed-use in Normal, IL; mixed-use density design
Valuation (4th Q.) review of appraisers' data sources; feature on 3 data providers (Korpacz, HVS intl, and RERC); tables on economic and market indicators from Standard and Poor's, Korpacz, and the Federal Reserve.
CP and DR (Dec): BART station and redevelopment in downtown Hayward and impact on housing; Hesperia profile
Tradeshow Week (12/10): Gaylord expansion plans
Thursday, December 13, 2007
World Travel Trends Report out
From today's Smith Travel Research Global Hospitality News --
World Travel Trends Report: Europe Continues To Exceed The Long-term Growth Forecasts
"With a 4% increase in international tourist arrivals from January through August 2007, Europe looks set to achieve another record year in terms of tourism growth, according to the World Travel Trends Report of ITB Berlin and IPK International.
Moreover, as the participants gathered in Pisa for the 15th World Travel Monitor Forum from 24-26 October agreed, the growth is remarkable since it will exceed the World Tourism Organization’s (UNWTO’s) long-term annual growth forecast for Europe of 3% for the fourth consecutive year.
If the 4% increase seen in the first eight months of this year continues through to the end of 2007, this will mean an additional 18 million arrivals – no mean feat for the world’s most mature destination region.
Demand for Central & Eastern Europe seems to have largely bottomed out…
Nevertheless, as data gathered from their members by UNWTO and the European Travel Commission (ETC) shows, the Europe-wide average for inbound tourist arrivals, estimated by UNWTO based on data available at the end of October, masks some fairly wide variations from one sub-region to another." ...
"…and other sub-regions have shown mixed results
Northern Europe, on the other hand, has shown a marked slowdown in growth this year – largely due to the stagnation in international visitors to the UK – although some destinations have turned in good results. Finland is one example, having recorded a growth of nearly 8% in overnight volume from January through August.
Growth to Western Europe has also slowed, according to UNWTO – albeit only from 5% to 3% – attributed in part to Germany’s decline in arrivals through the second quarter of 2007. This was of course hardly surprising, given the huge boost to inbound tourism demand over the same period in 2006 provided by the country’s hosting of the FIFA Football World Cup.
Europe’s star performer this year so far, in terms of sub-regions, is Southern/Mediterranean Europe – up 7% in terms of international arrivals through the month of August. The sharp recovery of Turkey has been a main contributor to the improved performance, but the Balkan States have also performed well above average – in particular Montenegro and Serbia – and Malta has had an excellent year so far, largely thanks to the introduction of low-cost airline services.
European inbound is mainly intra-regional
The performance of long-haul markets to Europe has been very mixed, ETC’s data shows, mainly due to the unfavourable exchange rates – in particular, between the US dollar and the euro and pound sterling. Nevertheless, although US outbound travel to Europe grew by only 1% in the first eight months of 2007, according to the Office of Travel & Tourism Industries in the US Department of Commerce, a number of European destinations showed good results out of the USA, according to ETC. And emerging markets such as India and China are starting to fulfil their growth potential.
The vast majority of international arrivals in Europe are, nonetheless, intra-regional and, as highlighted by the results of IPK International’s European Travel Monitor, outbound trip volume by Europeans rose by 3% from January through August 2007, with the growth in short trips (of 1-3 nights) outpacing that of trips of 4+ nights – again, attributable to a higher than average increase in demand for low-cost/no-frills flights.
New leading outbound markets
Interestingly, the 3% rise in outbound trip volume was achieved despite a stagnation in outbound travel demand by Europe’s leading source markets, Germany and the UK – which, together, account for around 35% of total European outbound trips." ...
"The favourable exchange rates (for markets in the eurozone and the UK) provided a major boost to outbound travel demand, with trips to long-haul destinations growing by 4% as against +2% to destinations in Europe and the Mediterranean basin. As a result, long-haul countries featured strongly in the list of ‘superstar destinations’ – those recording more than 10% growth out of Europe. These included China, Japan, Cambodia, Vietnam and Kenya." ....
"Markets with the highest outbound travel intentions are the UK, Germany, Belgium, Ireland and Norway." ...
for the complete story see:
http://www.smithtravelresearch.com/smithtravelresearch/new
s/findnewsarticle.aspx?article=26400
World Travel Trends Report: Europe Continues To Exceed The Long-term Growth Forecasts
"With a 4% increase in international tourist arrivals from January through August 2007, Europe looks set to achieve another record year in terms of tourism growth, according to the World Travel Trends Report of ITB Berlin and IPK International.
Moreover, as the participants gathered in Pisa for the 15th World Travel Monitor Forum from 24-26 October agreed, the growth is remarkable since it will exceed the World Tourism Organization’s (UNWTO’s) long-term annual growth forecast for Europe of 3% for the fourth consecutive year.
If the 4% increase seen in the first eight months of this year continues through to the end of 2007, this will mean an additional 18 million arrivals – no mean feat for the world’s most mature destination region.
Demand for Central & Eastern Europe seems to have largely bottomed out…
Nevertheless, as data gathered from their members by UNWTO and the European Travel Commission (ETC) shows, the Europe-wide average for inbound tourist arrivals, estimated by UNWTO based on data available at the end of October, masks some fairly wide variations from one sub-region to another." ...
"…and other sub-regions have shown mixed results
Northern Europe, on the other hand, has shown a marked slowdown in growth this year – largely due to the stagnation in international visitors to the UK – although some destinations have turned in good results. Finland is one example, having recorded a growth of nearly 8% in overnight volume from January through August.
Growth to Western Europe has also slowed, according to UNWTO – albeit only from 5% to 3% – attributed in part to Germany’s decline in arrivals through the second quarter of 2007. This was of course hardly surprising, given the huge boost to inbound tourism demand over the same period in 2006 provided by the country’s hosting of the FIFA Football World Cup.
Europe’s star performer this year so far, in terms of sub-regions, is Southern/Mediterranean Europe – up 7% in terms of international arrivals through the month of August. The sharp recovery of Turkey has been a main contributor to the improved performance, but the Balkan States have also performed well above average – in particular Montenegro and Serbia – and Malta has had an excellent year so far, largely thanks to the introduction of low-cost airline services.
European inbound is mainly intra-regional
The performance of long-haul markets to Europe has been very mixed, ETC’s data shows, mainly due to the unfavourable exchange rates – in particular, between the US dollar and the euro and pound sterling. Nevertheless, although US outbound travel to Europe grew by only 1% in the first eight months of 2007, according to the Office of Travel & Tourism Industries in the US Department of Commerce, a number of European destinations showed good results out of the USA, according to ETC. And emerging markets such as India and China are starting to fulfil their growth potential.
The vast majority of international arrivals in Europe are, nonetheless, intra-regional and, as highlighted by the results of IPK International’s European Travel Monitor, outbound trip volume by Europeans rose by 3% from January through August 2007, with the growth in short trips (of 1-3 nights) outpacing that of trips of 4+ nights – again, attributable to a higher than average increase in demand for low-cost/no-frills flights.
New leading outbound markets
Interestingly, the 3% rise in outbound trip volume was achieved despite a stagnation in outbound travel demand by Europe’s leading source markets, Germany and the UK – which, together, account for around 35% of total European outbound trips." ...
"The favourable exchange rates (for markets in the eurozone and the UK) provided a major boost to outbound travel demand, with trips to long-haul destinations growing by 4% as against +2% to destinations in Europe and the Mediterranean basin. As a result, long-haul countries featured strongly in the list of ‘superstar destinations’ – those recording more than 10% growth out of Europe. These included China, Japan, Cambodia, Vietnam and Kenya." ....
"Markets with the highest outbound travel intentions are the UK, Germany, Belgium, Ireland and Norway." ...
for the complete story see:
http://www.smithtravelresearch.com/smithtravelresearch/new
s/findnewsarticle.aspx?article=26400
Wednesday, December 12, 2007
Brookfield in Brazilian retail
from today's GlobeSt:
$965M Delivers Brazil Centers to Brookfield
By Debra Hazel
"RIO DE JANEIRO-In one of the largest real estate transactions in Brazil, Brascan Brazil Real Estate Partners, a retail property fund managed by Brookfield Asset Management, has agreed to purchase a portfolio of five upscale shopping centers in Brazil from the Malzoni Investment Group for approximately US$965 million.
The centers are: the upscale Patio Higienopolis in Sao Paulo; Paulista in Sao Paulo, generally ranked as one of the top 10 centers in the country in terms of sales per square meter; West Plaza in Sao Paulo, one of the busiest centers in the country, with 30 million visitors annually; Botafogo Praia, a vertical center located in one of the most affluent areas in Rio de Janeiro; and Vila Olimpia, opening in Sao Paulo in April 2009. Three of the centers also will undergo expansions by 2009." ...
for the complete story see:
http://www.globest.com/news/1053_1053/gsrglobal/166693-1.h
tml
$965M Delivers Brazil Centers to Brookfield
By Debra Hazel
"RIO DE JANEIRO-In one of the largest real estate transactions in Brazil, Brascan Brazil Real Estate Partners, a retail property fund managed by Brookfield Asset Management, has agreed to purchase a portfolio of five upscale shopping centers in Brazil from the Malzoni Investment Group for approximately US$965 million.
The centers are: the upscale Patio Higienopolis in Sao Paulo; Paulista in Sao Paulo, generally ranked as one of the top 10 centers in the country in terms of sales per square meter; West Plaza in Sao Paulo, one of the busiest centers in the country, with 30 million visitors annually; Botafogo Praia, a vertical center located in one of the most affluent areas in Rio de Janeiro; and Vila Olimpia, opening in Sao Paulo in April 2009. Three of the centers also will undergo expansions by 2009." ...
for the complete story see:
http://www.globest.com/news/1053_1053/gsrglobal/166693-1.h
tml
Cubs sale
from today's Crain's Chicago Business
Tribune expects Cubs sale in first half of '08
Dec. 12, 2007
"(Reuters) — Publisher and broadcaster Tribune Co. said on Wednesday it now expects to complete the sale of the Chicago Cubs baseball team, Wrigley Field and other assets in the first half of 2008.
Tribune put the Cubs up for sale in April with the aim of completing it by the end of this year but the process has taken longer than expected and a winner is still to be determined." ....
"The company plans to use the proceeds to pay down debt as it works to complete an $8.2-billion private buyout." ....
for the complete story see:
http://chicagobusiness.com/cgi-bin/news.pl?id=27420
Tribune expects Cubs sale in first half of '08
Dec. 12, 2007
"(Reuters) — Publisher and broadcaster Tribune Co. said on Wednesday it now expects to complete the sale of the Chicago Cubs baseball team, Wrigley Field and other assets in the first half of 2008.
Tribune put the Cubs up for sale in April with the aim of completing it by the end of this year but the process has taken longer than expected and a winner is still to be determined." ....
"The company plans to use the proceeds to pay down debt as it works to complete an $8.2-billion private buyout." ....
for the complete story see:
http://chicagobusiness.com/cgi-bin/news.pl?id=27420
Tuesday, December 11, 2007
PA waterfront casino delays
from yesterday's Philadelphia Inquirer --
Delays of casinos costing millions
The Gaming Control Board says Pa. is losing $990,000 in taxes each day opening of the sites is postponed.
By Suzette Parmley
"Legal and political delays in opening Philadelphia's two waterfront casinos are costing about $1.8 million a day in gross slots revenue, according to a state gaming official.
Targets for the casinos' openings have been pushed back about a year because of fervent neighborhood opposition, disputes over riverbed construction rights, and jurisdictional squabbles.
Meanwhile, Pennsylvania, which gets a 55 percent cut of the two slots parlors' take, stands to lose about $990,000 in tax revenue for every day the openings are delayed, according to the state Gaming Control Board.
The city loses $72,054 a day, or at least $26.3 million a year, from its share of the casinos' tax take.
The figures do not count the expenses the city and state will incur to host the casinos." ....
"Six slots parlors, including Philadelphia Park in Bensalem and Harrah's Chester Casino & Racetrack in Delaware County, are fully operational.
In addition to tax revenue, there are host fees, pilot payments, and other fees to the city, said Joe Grace, a spokesman for Mayor Street. "You are looking at $85 million to $90 million over the course of the five-year financial plan," he said. "So we support gaming as a significant economic tool for the city of Philadelphia, and support it to move forward."
The Pennsylvania Race Horse Development and Gaming Act was passed in July 2004 and signed into law by Gov. Rendell. It authorizes up to 61,000 slot machines in 14 venues throughout the state.
SugarHouse Gaming and Foxwoods Development Co. L.L.C. were awarded the two city slots licenses almost one year ago, on Dec. 20, 2006, by the gaming board.
On Dec. 3, the Pennsylvania Supreme Court ordered City Council to give SugarHouse all the necessary permits and approvals to begin construction immediately." ....
"Foxwoods is seeking similar relief from the state's highest court for its planned casino at Columbus Boulevard between Tasker Avenue and Reed Street in South Philadelphia. It filed for a rehearing Tuesday." ...
"Combined, the two slots parlors by SugarHouse Gaming and Foxwoods are expected to generate $658.3 million a year, based on each casino having at least 3,000 slot machines, according to their gaming-license applications." ...
"Carlin said SugarHouse's interim facility, with 1,500 slots, was slated for a July 2009 opening - instead of in early 2008, when it had first been planned.
Foxwoods originally had anticipated a November 2008 opening. Dougherty said his team was now budgeting for a 22-month construction schedule from when and if ground was broken. Foxwoods had planned to break ground in April 2007."
for the complete story see:
http://www.philly.com/philly/business/20071210_Delays_of_casin
os_costing_millions.html
Delays of casinos costing millions
The Gaming Control Board says Pa. is losing $990,000 in taxes each day opening of the sites is postponed.
By Suzette Parmley
"Legal and political delays in opening Philadelphia's two waterfront casinos are costing about $1.8 million a day in gross slots revenue, according to a state gaming official.
Targets for the casinos' openings have been pushed back about a year because of fervent neighborhood opposition, disputes over riverbed construction rights, and jurisdictional squabbles.
Meanwhile, Pennsylvania, which gets a 55 percent cut of the two slots parlors' take, stands to lose about $990,000 in tax revenue for every day the openings are delayed, according to the state Gaming Control Board.
The city loses $72,054 a day, or at least $26.3 million a year, from its share of the casinos' tax take.
The figures do not count the expenses the city and state will incur to host the casinos." ....
"Six slots parlors, including Philadelphia Park in Bensalem and Harrah's Chester Casino & Racetrack in Delaware County, are fully operational.
In addition to tax revenue, there are host fees, pilot payments, and other fees to the city, said Joe Grace, a spokesman for Mayor Street. "You are looking at $85 million to $90 million over the course of the five-year financial plan," he said. "So we support gaming as a significant economic tool for the city of Philadelphia, and support it to move forward."
The Pennsylvania Race Horse Development and Gaming Act was passed in July 2004 and signed into law by Gov. Rendell. It authorizes up to 61,000 slot machines in 14 venues throughout the state.
SugarHouse Gaming and Foxwoods Development Co. L.L.C. were awarded the two city slots licenses almost one year ago, on Dec. 20, 2006, by the gaming board.
On Dec. 3, the Pennsylvania Supreme Court ordered City Council to give SugarHouse all the necessary permits and approvals to begin construction immediately." ....
"Foxwoods is seeking similar relief from the state's highest court for its planned casino at Columbus Boulevard between Tasker Avenue and Reed Street in South Philadelphia. It filed for a rehearing Tuesday." ...
"Combined, the two slots parlors by SugarHouse Gaming and Foxwoods are expected to generate $658.3 million a year, based on each casino having at least 3,000 slot machines, according to their gaming-license applications." ...
"Carlin said SugarHouse's interim facility, with 1,500 slots, was slated for a July 2009 opening - instead of in early 2008, when it had first been planned.
Foxwoods originally had anticipated a November 2008 opening. Dougherty said his team was now budgeting for a 22-month construction schedule from when and if ground was broken. Foxwoods had planned to break ground in April 2007."
for the complete story see:
http://www.philly.com/philly/business/20071210_Delays_of_casin
os_costing_millions.html
Monday, December 10, 2007
The Woodlands in redevelopment
from today's GlobeSt.
Woodlands Resort Set for $50M Redevelopment
By Amy Wolff Sorter
"THE WOODLANDS, TX-The 440-room Woodlands Resort and Conference Center, which has passed the 30-year-old mark, will undergo renovation. The $50-million project will begin in early 2008, with completion slated for late 2009." ...
"Plans are to move the lobby, registration and concierge desk to the front of guest room buildings Fairway Pines I and II, and the future Fairway Pines III. The property's existing lobby will be used as a check-in area for conference attendees. Meanwhile, a four-level garage with 620 parking spaces will replace the existing Fairway Pines parking lot.
Meanwhile, Fairway Pines III, which will be built next to Fairway Pines I and II, will contain 158 guest rooms. Ten nearby lodges, containing 222 guest rooms, will be demolished, leaving 18 acres zoned for high-density residential use and reducing the total guest room count to 380.
Also on the drawing board is renovation of the Woodlands Dining Room and Glass Menagerie Restaurant, and an upgrade of 60,000 sf of meeting space. The project will be topped off by a 1,000-foot lazy river." ....
for the complete story see:
http://www.globest.com/news/1051_1051/houston/166612-1.html
Woodlands Resort Set for $50M Redevelopment
By Amy Wolff Sorter
"THE WOODLANDS, TX-The 440-room Woodlands Resort and Conference Center, which has passed the 30-year-old mark, will undergo renovation. The $50-million project will begin in early 2008, with completion slated for late 2009." ...
"Plans are to move the lobby, registration and concierge desk to the front of guest room buildings Fairway Pines I and II, and the future Fairway Pines III. The property's existing lobby will be used as a check-in area for conference attendees. Meanwhile, a four-level garage with 620 parking spaces will replace the existing Fairway Pines parking lot.
Meanwhile, Fairway Pines III, which will be built next to Fairway Pines I and II, will contain 158 guest rooms. Ten nearby lodges, containing 222 guest rooms, will be demolished, leaving 18 acres zoned for high-density residential use and reducing the total guest room count to 380.
Also on the drawing board is renovation of the Woodlands Dining Room and Glass Menagerie Restaurant, and an upgrade of 60,000 sf of meeting space. The project will be topped off by a 1,000-foot lazy river." ....
for the complete story see:
http://www.globest.com/news/1051_1051/houston/166612-1.html
San Diego tourism marketing district
from today's San Diego Business Journal -
Tourism Marketing District to Allow Hotels to Increase Promotional Funds
Convention & Visitors Chief Ready to Ramp Up Marketing Efforts in U.S., Overseas
By CONNIE LEWIS
"With the passage of a proposed tourism marketing district that gives local hotels the ability to assess themselves to raise destination marketing funds rather than relying on annual supplements from cash strapped City Hall, the San Diego Convention & Visitors Bureau is preparing to do more with more, instead of more with less as it has for the past few years." ...
"The total dollar amount for the revised marketing budget has yet to be set. However, Peckinpaugh anticipates that it will be significantly higher than the $3.2 million budgeted for the fiscal year which began in July. The media buy portion of that sum currently stands at $2.6 million.
In 2003 when ConVis had reached a funding apex, it had a total operating budget of $16.2 million, of which $13.9 million came from City Hall via a 10.5 Transient Occupancy Tax, or hotel room tax. The remainder came from private sources, primarily membership dues. At that time, the bureau’s marketing budget was about $6 million. “That’s a benchmark” for augmenting the spending, Peckinpaugh said.
Target Cities
As in the past, the national advertising would target the cities of Los Angeles, Las Vegas, Sacramento, San Francisco, Phoenix and Tucson, Ariz., which are the county’s biggest suppliers of leisure tourists.
Between fiscal 2004 and 2006, the bureau lost 37 percent of its funding, or $5.1 million, and reduced its staff from 102 to the current total of 65 people. Part of the reason for the staff reduction was that ConVis lost one of its main jobs, marketing space at the 2.6-million-square-foot San Diego Convention Center, however in addition to the task of luring leisure tourists, it still markets space for in-hotel meetings and events.
While City Hall has slashed budgets for services and agencies in order to deal with an under-funded municipal pension system, the bureau’s supplement was left intact in fiscal 2007 and remained flat in fiscal 2008 at $8.8 million.
Its total operational budget of $14.6 million is made up from private sources, primarily dues." ....
for the complete story see:
http://sdbj.com/enews_article.asp?aID=489719202.9391591.1563
614.6367885.3568276.195&aID2=120269&lid=30&sid=&cID=Z
Tourism Marketing District to Allow Hotels to Increase Promotional Funds
Convention & Visitors Chief Ready to Ramp Up Marketing Efforts in U.S., Overseas
By CONNIE LEWIS
"With the passage of a proposed tourism marketing district that gives local hotels the ability to assess themselves to raise destination marketing funds rather than relying on annual supplements from cash strapped City Hall, the San Diego Convention & Visitors Bureau is preparing to do more with more, instead of more with less as it has for the past few years." ...
"The total dollar amount for the revised marketing budget has yet to be set. However, Peckinpaugh anticipates that it will be significantly higher than the $3.2 million budgeted for the fiscal year which began in July. The media buy portion of that sum currently stands at $2.6 million.
In 2003 when ConVis had reached a funding apex, it had a total operating budget of $16.2 million, of which $13.9 million came from City Hall via a 10.5 Transient Occupancy Tax, or hotel room tax. The remainder came from private sources, primarily membership dues. At that time, the bureau’s marketing budget was about $6 million. “That’s a benchmark” for augmenting the spending, Peckinpaugh said.
Target Cities
As in the past, the national advertising would target the cities of Los Angeles, Las Vegas, Sacramento, San Francisco, Phoenix and Tucson, Ariz., which are the county’s biggest suppliers of leisure tourists.
Between fiscal 2004 and 2006, the bureau lost 37 percent of its funding, or $5.1 million, and reduced its staff from 102 to the current total of 65 people. Part of the reason for the staff reduction was that ConVis lost one of its main jobs, marketing space at the 2.6-million-square-foot San Diego Convention Center, however in addition to the task of luring leisure tourists, it still markets space for in-hotel meetings and events.
While City Hall has slashed budgets for services and agencies in order to deal with an under-funded municipal pension system, the bureau’s supplement was left intact in fiscal 2007 and remained flat in fiscal 2008 at $8.8 million.
Its total operational budget of $14.6 million is made up from private sources, primarily dues." ....
for the complete story see:
http://sdbj.com/enews_article.asp?aID=489719202.9391591.1563
614.6367885.3568276.195&aID2=120269&lid=30&sid=&cID=Z
misc news
M&C (Dec): museums as meeting places; small luxury hotels; high-end boutique hotels; city guides on: Atlantic City, AL, San Diego, Paris
Planning (Nov): green airports; historic preservation and adaptive reuse; KS land give-aways; San Bernardino County General Plan and green development
Real Estate Forum (Nov): Green building survey; green development benefits
Tradeshow Week (12/3): Dallas CVB seeks convention hotel; African trade and convention problems
Planning (Dec): UK housing market; temporary tenant/land uses; NJ home rule regs; Plainfield, IL; Miami zoning code redo; Lake Tahoe planning; Kansas City planning and parks; creating "social" neighborhoods; Miami marina condo plan nixed; redevelopment plan for Detroit's Tiger Stadium
National Real Estate Investor (Nov): Detroit luxury hotel casino; TX luxury condo market; city review: NY; green office development; retail condo sales; TOD; Brazil's economy
Planning (Nov): green airports; historic preservation and adaptive reuse; KS land give-aways; San Bernardino County General Plan and green development
Real Estate Forum (Nov): Green building survey; green development benefits
Tradeshow Week (12/3): Dallas CVB seeks convention hotel; African trade and convention problems
Planning (Dec): UK housing market; temporary tenant/land uses; NJ home rule regs; Plainfield, IL; Miami zoning code redo; Lake Tahoe planning; Kansas City planning and parks; creating "social" neighborhoods; Miami marina condo plan nixed; redevelopment plan for Detroit's Tiger Stadium
National Real Estate Investor (Nov): Detroit luxury hotel casino; TX luxury condo market; city review: NY; green office development; retail condo sales; TOD; Brazil's economy
local/regional real estate news
Crain's Chicago Business (11/19): O'Hare airport-retail; West Loop office boom
Los Angeles Business Journal (12/3): Onuma, Inc. museum designer profiled
New Orleans City Business (11/26): updated targeted recovery map
Crain's Chicago Business (11/26): downtown residential rents rising; green housing on the rise
Orange County Business Journal (12/3): luxury hotels planned for Anaheim; Aliso Viejo master planning itself
Los Angeles Business Journal (12/3): Onuma, Inc. museum designer profiled
New Orleans City Business (11/26): updated targeted recovery map
Crain's Chicago Business (11/26): downtown residential rents rising; green housing on the rise
Orange County Business Journal (12/3): luxury hotels planned for Anaheim; Aliso Viejo master planning itself
Sunday, December 9, 2007
misc news
Tradeshow Week (11/26): tier II cites marketing as sets (ie. Sacramento-Fort Worth, Baltimore); hotel inventory boom in Asia
IGWB (Nov): $90 billion spent gaming in 2006 according to the gross annual wagering report (US); Harrah's Slovenia mega resort plans; Macau casino shares drop; KS casino licenses up for grabs; Macau market growing; Cambodia redevelopment through gaming; non-casino-based gaming machines post revenue records
Hotels (Nov): Kazakhstan
Golf Business and Real Estate (11/5): golf development continues apace in the Caribbean and Mexico
World Waterpark (Oct-Nov): Last Paradise (Bahrain); Splish Splash (Long Island, NY); Dreamworld (India); Ravine (Paso Robles, CA); Zurbagan (Ukraine)
Tradeshow Week (11/12): regional spotlight on the Midwest
IGWB (Nov): $90 billion spent gaming in 2006 according to the gross annual wagering report (US); Harrah's Slovenia mega resort plans; Macau casino shares drop; KS casino licenses up for grabs; Macau market growing; Cambodia redevelopment through gaming; non-casino-based gaming machines post revenue records
Hotels (Nov): Kazakhstan
Golf Business and Real Estate (11/5): golf development continues apace in the Caribbean and Mexico
World Waterpark (Oct-Nov): Last Paradise (Bahrain); Splish Splash (Long Island, NY); Dreamworld (India); Ravine (Paso Robles, CA); Zurbagan (Ukraine)
Tradeshow Week (11/12): regional spotlight on the Midwest
Friday, December 7, 2007
Hollywood icon -- Pantages Theatre development plans
from today's GlobeSt --
Clarett, Nederlander Plan Pantages Offices
By Bob Howard
"HOLLYWOOD-The New York City-based Clarett Group and James Nederlander have unveiled a plan to develop a 10-story, 200,000-sf office tower above the Pantages Theatre, a famed Hollywood venue that is next to a $400-million, mixed-use green development that the Clarett Group already has in the works. The Clarett-Nederlander team will seek entitlements to complete a plan for the Art Deco theater that was originally designed in 1929 but was never finished because of the stock market crash of that year.
The Pantages is owned by Ned Pan Inc, a James Nederlander company. A City of Los Angeles entitlement process for the Pantages Office Tower will be kicked off by the end of the month and will include a full environmental impact report, the developers say." ...
"The office tower plan is the latest chapter in a long history of the Pantages, which over the years has had several famous owners, including Howard Hughes. Hughes acquired it under his RKO Theatre Circuit and moved his personal offices to the building's second floor, changing the site's name to RKO Pantages Theatre. Under his ownership, the theater also served as the venue for the Academy Awards ceremonies during the 1950s.
The Clarett Group's adjacent project, called Blvd6200, was unanimously approved by the Los Angeles City Council in July. Construction is scheduled to start in January on the project, which will total 1.1 million sf.
The Blvd6200 development will include 1,000 apartments, 40,000 sf of live-work office space and 175,000 sf of retail and restaurant uses on a seven-acre site. Clarett is seeking LEED certification for the project, which is being designed by Santa Monica-based Van Tilburg, Banvard & Soderbergh."
for the complete story see:
http://www.globest.com/news/1050_1050/losangeles/166
567-1.html
Clarett, Nederlander Plan Pantages Offices
By Bob Howard
"HOLLYWOOD-The New York City-based Clarett Group and James Nederlander have unveiled a plan to develop a 10-story, 200,000-sf office tower above the Pantages Theatre, a famed Hollywood venue that is next to a $400-million, mixed-use green development that the Clarett Group already has in the works. The Clarett-Nederlander team will seek entitlements to complete a plan for the Art Deco theater that was originally designed in 1929 but was never finished because of the stock market crash of that year.
The Pantages is owned by Ned Pan Inc, a James Nederlander company. A City of Los Angeles entitlement process for the Pantages Office Tower will be kicked off by the end of the month and will include a full environmental impact report, the developers say." ...
"The office tower plan is the latest chapter in a long history of the Pantages, which over the years has had several famous owners, including Howard Hughes. Hughes acquired it under his RKO Theatre Circuit and moved his personal offices to the building's second floor, changing the site's name to RKO Pantages Theatre. Under his ownership, the theater also served as the venue for the Academy Awards ceremonies during the 1950s.
The Clarett Group's adjacent project, called Blvd6200, was unanimously approved by the Los Angeles City Council in July. Construction is scheduled to start in January on the project, which will total 1.1 million sf.
The Blvd6200 development will include 1,000 apartments, 40,000 sf of live-work office space and 175,000 sf of retail and restaurant uses on a seven-acre site. Clarett is seeking LEED certification for the project, which is being designed by Santa Monica-based Van Tilburg, Banvard & Soderbergh."
for the complete story see:
http://www.globest.com/news/1050_1050/losangeles/166
567-1.html
Hampton roads begins construction housing
from today's GlobeSt--
Hampton Roads Begins $336M Navy Project
By Erika Morphy
"NORFOLK, VA-Construction has begun on a $336-million project to revamp housing at Hampton Roads Unaccompanied Housing Privatization at Camp Allen and Camp Elmore here as well as at a five-acre site located in. The developer is Hampton Roads PPV LLC, a joint venture between Hunt Development Group in El Paso, Austin-based American Campus Communities and the Department of the Navy. With the financing closing, the venture was able to begin work on the project.
The Hampton Roads development will include the development of 2,366 new beds in manor-style residences and a mid-rise apartment building with clubhouses and recreational facilities. Another 1,313 existing beds will be renovated at the Naval Base. The entire project is expected to deliver in Q1 2010." ....
for the complete story:
http://www.globest.com/news/1050_1050/washington/166
591-1.html
Hampton Roads Begins $336M Navy Project
By Erika Morphy
"NORFOLK, VA-Construction has begun on a $336-million project to revamp housing at Hampton Roads Unaccompanied Housing Privatization at Camp Allen and Camp Elmore here as well as at a five-acre site located in. The developer is Hampton Roads PPV LLC, a joint venture between Hunt Development Group in El Paso, Austin-based American Campus Communities and the Department of the Navy. With the financing closing, the venture was able to begin work on the project.
The Hampton Roads development will include the development of 2,366 new beds in manor-style residences and a mid-rise apartment building with clubhouses and recreational facilities. Another 1,313 existing beds will be renovated at the Naval Base. The entire project is expected to deliver in Q1 2010." ....
for the complete story:
http://www.globest.com/news/1050_1050/washington/166
591-1.html
green development-water incentives in Vegas
from today's Las Vegas Review Journal --
Water authority ready to pay for bigger grass conversions
By HENRY BREAN
"After a year of targeting small residential lawns, the Southern Nevada Water Authority is headed out in search of bigger game.
Starting Jan. 1, the authority will experiment with new rates and no restrictions for its popular cash-for-grass program. The goal is to entice golf courses, homeowners associations and other large properties to downsize their grass.
Under the new rebate rules approved by the water authority board on Thursday, the authority will pay a flat $1.50 for every square-foot of turf that is removed and replaced with desert landscaping, regardless of how large the conversion.
The authority used to cap the total rebate amount for a single conversion at $300,000 and pay less for turf removed after the first 1,500 square-feet.
The change could entice some golf courses to tear out some of their turf, said Doug Bennett, conservation manager for the water authority.
A single golf course conversion can total 500,000 square feet or more.
"We have some large golf course (conversion) projects that have been talked about for a number of years," he said.
Area golf courses have already torn out a total 500 acres of grass, most of it during the past three years. That's enough turf to build five new golf courses, Bennett said.
The new rebate rules will replace a special, limited-time offer the authority extended in January 2007: $2 per square-foot for the first 1,500 square-feet removed, and $1 for every square-foot after that." ...
"Since the turf-rebate program's launch in 1999, more than 86 million square feet -- or 3 square miles -- of turf has been replaced with desert landscaping.
Rebates typically cover about half the cost of a landscape conversion, though customers also can expect to save some money on their water bills.
Ripping out even one square foot of grass saves an average of 55 gallons of water a year. To date, the rebate program is credited with saving more than 17.5 billion gallons of water a year, which is enough to supply more than 100,000 homes." ...
for the complete story see:
http://www.lvrj.com/news/12243571.html
Water authority ready to pay for bigger grass conversions
By HENRY BREAN
"After a year of targeting small residential lawns, the Southern Nevada Water Authority is headed out in search of bigger game.
Starting Jan. 1, the authority will experiment with new rates and no restrictions for its popular cash-for-grass program. The goal is to entice golf courses, homeowners associations and other large properties to downsize their grass.
Under the new rebate rules approved by the water authority board on Thursday, the authority will pay a flat $1.50 for every square-foot of turf that is removed and replaced with desert landscaping, regardless of how large the conversion.
The authority used to cap the total rebate amount for a single conversion at $300,000 and pay less for turf removed after the first 1,500 square-feet.
The change could entice some golf courses to tear out some of their turf, said Doug Bennett, conservation manager for the water authority.
A single golf course conversion can total 500,000 square feet or more.
"We have some large golf course (conversion) projects that have been talked about for a number of years," he said.
Area golf courses have already torn out a total 500 acres of grass, most of it during the past three years. That's enough turf to build five new golf courses, Bennett said.
The new rebate rules will replace a special, limited-time offer the authority extended in January 2007: $2 per square-foot for the first 1,500 square-feet removed, and $1 for every square-foot after that." ...
"Since the turf-rebate program's launch in 1999, more than 86 million square feet -- or 3 square miles -- of turf has been replaced with desert landscaping.
Rebates typically cover about half the cost of a landscape conversion, though customers also can expect to save some money on their water bills.
Ripping out even one square foot of grass saves an average of 55 gallons of water a year. To date, the rebate program is credited with saving more than 17.5 billion gallons of water a year, which is enough to supply more than 100,000 homes." ...
for the complete story see:
http://www.lvrj.com/news/12243571.html
Tuesday, December 4, 2007
local and regional news
Indian Country Today (11/14): new Class II/III gaming regulations afoot
Crain's Chicago Business (11/5): hotel market
New Orleans City Business (11/5): Federal City project in Algiers; unemployment rising; another more Office of Recovery management targeted recovery areas map
Los Angeles Business Journal (11/5): Film studio real estate boom
Orange County Business Journal (11/12): Anaheim v Disney in condo debate
Los Angeles Business Journal (11/12): L.A. County median home price finally falling
Crain's Chicago Business (11/5): hotel market
New Orleans City Business (11/5): Federal City project in Algiers; unemployment rising; another more Office of Recovery management targeted recovery areas map
Los Angeles Business Journal (11/5): Film studio real estate boom
Orange County Business Journal (11/12): Anaheim v Disney in condo debate
Los Angeles Business Journal (11/12): L.A. County median home price finally falling
Thursday, November 29, 2007
more misc news
M&C (Nov): feature on dollar-smart venues by region; destination guides on Puerto Rico, U.S. Virgin Islands, MS Gulf Coast; New Orleans, Cancun, Orlando
Harvard Business Review (Dec): feature on China and India
Sunset (Dec): Bryce, UT; Vancouver, British Columbia
Retail Traffic (Nov): bowling alleys in shopping centers; library anchoring mall; Canadian cross-border shopping; Pyramid still looking for buyer; special feature on mixed-use districts around sports facilities; special section on green building; mixed-use sector adjustments; Gen Y and retail; regional feature on the Northeast-- Manhattan, Camden, Yonkers, etc.
American Indian Report (Nov): SBA building Tribal tool
Nation's Restaurant News (11/12): casual-dining sector slow
Harvard Business Review (Dec): feature on China and India
Sunset (Dec): Bryce, UT; Vancouver, British Columbia
Retail Traffic (Nov): bowling alleys in shopping centers; library anchoring mall; Canadian cross-border shopping; Pyramid still looking for buyer; special feature on mixed-use districts around sports facilities; special section on green building; mixed-use sector adjustments; Gen Y and retail; regional feature on the Northeast-- Manhattan, Camden, Yonkers, etc.
American Indian Report (Nov): SBA building Tribal tool
Nation's Restaurant News (11/12): casual-dining sector slow
regional/local real estate and business news
San Fernando Valley Business Journal (11/26): NBC campus project opposition
Indian Country Today (11/28): Seminoles sign new compact
Crain's Chicago Business (11/12): O'Hare expansion plans; Wrigley Field area development plans
Los Angeles Business Journal (11/26): theater district rehabbing old movie theaters
California Real Estate Journal (11/26): changes planned for Dodger Stadium; Southern CA home prices decline in October; San Diego hotel industry considers new tourism tax
New Orleans City Business (11/19): Office of Recovery Mgt continuing series of area project maps - Jefferson and Orleans Parishes
Indian Country Today (10/31): Lacrosse Museum (MD); Santa Ana Pueblo (NM) and cultural tourism
San Diego Business Journal (11/12): Poinsettia Bowl planning
New Orleans City Business (11/12): N.O. loses out on most of the recovery bonds; targeted area recovery maps -- Jefferson and Orleans Parishes
Indian Country Today (11/28): Seminoles sign new compact
Crain's Chicago Business (11/12): O'Hare expansion plans; Wrigley Field area development plans
Los Angeles Business Journal (11/26): theater district rehabbing old movie theaters
California Real Estate Journal (11/26): changes planned for Dodger Stadium; Southern CA home prices decline in October; San Diego hotel industry considers new tourism tax
New Orleans City Business (11/19): Office of Recovery Mgt continuing series of area project maps - Jefferson and Orleans Parishes
Indian Country Today (10/31): Lacrosse Museum (MD); Santa Ana Pueblo (NM) and cultural tourism
San Diego Business Journal (11/12): Poinsettia Bowl planning
New Orleans City Business (11/12): N.O. loses out on most of the recovery bonds; targeted area recovery maps -- Jefferson and Orleans Parishes
business and real estate news roundup
Business Week (11/26): Olympic stadium plans including post-games downsizing
Forbes (11/26): feature on the Toronto Maple Leaves
Economist (11/17): MD battles over gaming
Appraisal Journal (Fall): cell phone towers and house values (FL)
Forbes (11/26): feature on the Toronto Maple Leaves
Economist (11/17): MD battles over gaming
Appraisal Journal (Fall): cell phone towers and house values (FL)
MD racetrack deal stopped
from today's GlobeSt --
Penn Gaming Backs Out of Rosecroft Buy
By Marita Thomas
"WYOMISSING, PA-Penn National Gaming Inc. will not proceed with its previously announced agreement to acquire Rosecroft Raceway in Fort Washington, MD from Cloverleaf Enterprises Inc. The locally based casino and racetrack owner signed a binding letter of intent to acquire the asset in August and proceeded with a definitive agreement for the purchase the following month.
In a statement Penn National attributes its decision to not proceed with the acquisition to new legislation signed by Maryland Gov. Martin O’Malley on Nov. 19. While the legislation authorizes up to 15,000 video lottery terminals at five locations in the state, subject to a November 2008 voter referendum, it specifically excludes Prince George’s County where Rosecroft operates.
Thus, “Rosecroft, which already has been operating at a loss, will be denied the opportunity for an alternative revenue source that would enable it to compete with other tracks in the state and racing and gaming venues in neighboring states,” according to the Penn National Gaming release." ...
" today, the company moved forward on its plans for a $365-million resort casino in Sumner County, KS by filing a license application to the Kansas Lottery Commission. Like the $310-million project under way at Penn National Race Course in Grantville, PA, it will carry the Hollywood brand."
for the complete story see:
http://www.globest.com/news/1044_1044/philadelphia/16631
4-1.html
Penn Gaming Backs Out of Rosecroft Buy
By Marita Thomas
"WYOMISSING, PA-Penn National Gaming Inc. will not proceed with its previously announced agreement to acquire Rosecroft Raceway in Fort Washington, MD from Cloverleaf Enterprises Inc. The locally based casino and racetrack owner signed a binding letter of intent to acquire the asset in August and proceeded with a definitive agreement for the purchase the following month.
In a statement Penn National attributes its decision to not proceed with the acquisition to new legislation signed by Maryland Gov. Martin O’Malley on Nov. 19. While the legislation authorizes up to 15,000 video lottery terminals at five locations in the state, subject to a November 2008 voter referendum, it specifically excludes Prince George’s County where Rosecroft operates.
Thus, “Rosecroft, which already has been operating at a loss, will be denied the opportunity for an alternative revenue source that would enable it to compete with other tracks in the state and racing and gaming venues in neighboring states,” according to the Penn National Gaming release." ...
" today, the company moved forward on its plans for a $365-million resort casino in Sumner County, KS by filing a license application to the Kansas Lottery Commission. Like the $310-million project under way at Penn National Race Course in Grantville, PA, it will carry the Hollywood brand."
for the complete story see:
http://www.globest.com/news/1044_1044/philadelphia/16631
4-1.html
Major mixed-use project set for India
from today's GlobeSt--
Massive MXD Complex Set for India
By John Salustri
"HONG KONG-Shipra Estate Ltd. is taking the wraps off of plans for a massive mixed-use development it plans to build near the town of Chandigarh, in the northern regions of India. Plans for the 1,200-acre complex, which is estimated to cost from seven to 10 billion euros, are still shaping up" .....
"The centerpiece of the project is a five-million-sf enclosed mall, but the plans don't stop there. An 18-hole golf course, designed to British PGA standards; high-rise residential, the size of which is yet to be determined; a convention center; and sports complex will also be included. Two luxury hotels totaling nearly 500 rooms and one budget lodging are also in the plan, as is an IT-specific economic zone of roughly 50 acres. RTKL is shouldering the master-plan duties." ...
"In terms of rollout, the first phase is expected to be completed in three years. When the dust clears, that will include high-rise residential, the first phase of the mall and one of the luxury hotels, all of which will be contained on 200 acres. Final build out will take 10 to 12 years, Bhasin stated."
for the complete story see:
http://www.globest.com/news/1044_1044/gsrglobal/16633
2-1.html
Massive MXD Complex Set for India
By John Salustri
"HONG KONG-Shipra Estate Ltd. is taking the wraps off of plans for a massive mixed-use development it plans to build near the town of Chandigarh, in the northern regions of India. Plans for the 1,200-acre complex, which is estimated to cost from seven to 10 billion euros, are still shaping up" .....
"The centerpiece of the project is a five-million-sf enclosed mall, but the plans don't stop there. An 18-hole golf course, designed to British PGA standards; high-rise residential, the size of which is yet to be determined; a convention center; and sports complex will also be included. Two luxury hotels totaling nearly 500 rooms and one budget lodging are also in the plan, as is an IT-specific economic zone of roughly 50 acres. RTKL is shouldering the master-plan duties." ...
"In terms of rollout, the first phase is expected to be completed in three years. When the dust clears, that will include high-rise residential, the first phase of the mall and one of the luxury hotels, all of which will be contained on 200 acres. Final build out will take 10 to 12 years, Bhasin stated."
for the complete story see:
http://www.globest.com/news/1044_1044/gsrglobal/16633
2-1.html
Wednesday, November 28, 2007
Vegas Hooters Hotel deal
from today's GlobeSt --
Deposit Keeps $225M Hooters Hotel Sale Alive
By Brian K. Miller
"LAS VEGAS-The $225-million sale of the Hooters Hotel & Casino here remains on track thanks to a $1.5-million non-refundable deposit payment from the buyer, Hedwigs Las Vegas Top Tier LLC, an affiliate of the investment group led by NTH Advisory Group LLC. The seller, 155 East Tropicana LLC, says in an SEC filing this week that it accepted the payment despite it being 11 days late.
Formerly Hotel San Remo Casino and Resort, Hooters Casino Hotel is located one-half block from the intersection of Tropicana Avenue and Las Vegas Boulevard. Reopened as Hooters in February 2006, the property has been unable to achieve the average 95% hotel occupancy rate that is typical of Strip and near-Strip resorts, though it has been on the rise. Occupancy averaged 87.9% in the third quarter, up from 80.7% in the third quarter of 2006, according to SEC filings.
The agreement calls for Hedwigs to pay $95 million in cash for the 696-room property as well as assume $130 million of 8 ¾% Senior Secured Notes due 2012. In addition, the seller has agreed to lease back the casino operations for $540,000 per month until the buyer is properly licensed.
The sale, announced in January, is slated to close sometime before April 30, 2008." ....
for the complete story see:
http://www.globest.com/news/1043_1043/lasvegas/166278-1.html
Deposit Keeps $225M Hooters Hotel Sale Alive
By Brian K. Miller
"LAS VEGAS-The $225-million sale of the Hooters Hotel & Casino here remains on track thanks to a $1.5-million non-refundable deposit payment from the buyer, Hedwigs Las Vegas Top Tier LLC, an affiliate of the investment group led by NTH Advisory Group LLC. The seller, 155 East Tropicana LLC, says in an SEC filing this week that it accepted the payment despite it being 11 days late.
Formerly Hotel San Remo Casino and Resort, Hooters Casino Hotel is located one-half block from the intersection of Tropicana Avenue and Las Vegas Boulevard. Reopened as Hooters in February 2006, the property has been unable to achieve the average 95% hotel occupancy rate that is typical of Strip and near-Strip resorts, though it has been on the rise. Occupancy averaged 87.9% in the third quarter, up from 80.7% in the third quarter of 2006, according to SEC filings.
The agreement calls for Hedwigs to pay $95 million in cash for the 696-room property as well as assume $130 million of 8 ¾% Senior Secured Notes due 2012. In addition, the seller has agreed to lease back the casino operations for $540,000 per month until the buyer is properly licensed.
The sale, announced in January, is slated to close sometime before April 30, 2008." ....
for the complete story see:
http://www.globest.com/news/1043_1043/lasvegas/166278-1.html
Universal theme park -- South Korea
from today's Wall Street Journal:
Universal Parks Is Latest
To Build in South Korea
By EVAN RAMSTAD
November 28, 2007; Page B2
"SEOUL, South Korea -- Universal Parks & Resorts unveiled details of a $3.1 billion theme park and resort that is the biggest in a series of large-scale vacation projects under construction in South Korea.
The theme park, hotels and golf courses will cover more than 1,000 acres in the Seoul suburb of Hwaseong and be similar in scale to Universal Orlando Resort in Florida. The company also will build a convention center and an outlet shopping mall.
In the past few months, developers have announced plans to build three other large theme parks around the country. The burst of park construction is a sign of South Korea's rising affluence and increasing leisure time after the country a few years ago scaled back to a five-day workweek from six days.
One of the new parks, involving Viacom Inc.'s Paramount studios, will be built by 2009 in the neighboring city of Incheon. The city is home of South Korea's largest international airport.
Frank Stanek, a manager for the Universal project who was involved in the construction of Tokyo Disneyland in the 1980s, said the Hwaseong complex represents the largest investment Universal has made in a theme park. "Physically, it will match the size of our facility in Florida and will have a lot of room to expand," Mr. Stanek said." ...
"The park aims to draw 10 million visitors a year by late in the next decade.
There are two large amusement parks in South Korea, both near Seoul, and several smaller ones in other cities. Those parks generate about $1.2 billion in annual ticket sales, and the largest of them, Samsung Group's Everland park, gets about eight million visitors a year.
Last month, a real-estate developer announced plans to build a theme park connected to movies from MGM, the U.S. studio owned by private-equity investors. And the provincial government of Jeju Island, off the southern coast of South Korea, is developing a large Asia-themed park with investors from Hong Kong and the U.S."
for the complete story see:
http://online.wsj.com/article/SB119615155653405117.html?mod=g
ooglenews_wsj&apl=y&r=714294
Universal Parks Is Latest
To Build in South Korea
By EVAN RAMSTAD
November 28, 2007; Page B2
"SEOUL, South Korea -- Universal Parks & Resorts unveiled details of a $3.1 billion theme park and resort that is the biggest in a series of large-scale vacation projects under construction in South Korea.
The theme park, hotels and golf courses will cover more than 1,000 acres in the Seoul suburb of Hwaseong and be similar in scale to Universal Orlando Resort in Florida. The company also will build a convention center and an outlet shopping mall.
In the past few months, developers have announced plans to build three other large theme parks around the country. The burst of park construction is a sign of South Korea's rising affluence and increasing leisure time after the country a few years ago scaled back to a five-day workweek from six days.
One of the new parks, involving Viacom Inc.'s Paramount studios, will be built by 2009 in the neighboring city of Incheon. The city is home of South Korea's largest international airport.
Frank Stanek, a manager for the Universal project who was involved in the construction of Tokyo Disneyland in the 1980s, said the Hwaseong complex represents the largest investment Universal has made in a theme park. "Physically, it will match the size of our facility in Florida and will have a lot of room to expand," Mr. Stanek said." ...
"The park aims to draw 10 million visitors a year by late in the next decade.
There are two large amusement parks in South Korea, both near Seoul, and several smaller ones in other cities. Those parks generate about $1.2 billion in annual ticket sales, and the largest of them, Samsung Group's Everland park, gets about eight million visitors a year.
Last month, a real-estate developer announced plans to build a theme park connected to movies from MGM, the U.S. studio owned by private-equity investors. And the provincial government of Jeju Island, off the southern coast of South Korea, is developing a large Asia-themed park with investors from Hong Kong and the U.S."
for the complete story see:
http://online.wsj.com/article/SB119615155653405117.html?mod=g
ooglenews_wsj&apl=y&r=714294
Monday, November 26, 2007
NY MLS team buying stadium interest in Harrison MetroCentre
from this morning's GlobeStNJ:
Last updated: November 26, 2007 08:29am
New York Red Bulls Buy Out Stadium Interest
By Eric Peterson
"HARRISON, NJ-The New York Red Bulls Major League Soccer franchise has acquired the 50% interest in its new stadium that it didn't already own. The team bought the half-share from Anschutz Entertainment Group, which owned the team from 2001 to 2006, when it was known as the MetroStars.
A team spokesman declined to reveal the details of the transaction, citing company policy. Soft drink maker Red Bull bought the team from AEG in 2006, paying $30 million for the team, $45 million for a half interest in the stadium and $25 million for the venue's naming rights.
And RBNY will tweak the final product a bit, according to managing director Marc de Grandpre. The seating capacity will be bumped up to the 25,000 level, and a concert stage will be deleted, making it a soccer-only facility." ....
"Site work started for the facility a year ago, and it's now slated to be finished in 2009. It's a cornerstone project of the under-construction Harrison MetroCentre, a mixed-use redevelopment being done by the Bedminster-based Advance Realty Group." ...
for the complete story see:
http://www.globest.com/news/1041_1041/newjersey/166213-1.h
tml
Last updated: November 26, 2007 08:29am
New York Red Bulls Buy Out Stadium Interest
By Eric Peterson
"HARRISON, NJ-The New York Red Bulls Major League Soccer franchise has acquired the 50% interest in its new stadium that it didn't already own. The team bought the half-share from Anschutz Entertainment Group, which owned the team from 2001 to 2006, when it was known as the MetroStars.
A team spokesman declined to reveal the details of the transaction, citing company policy. Soft drink maker Red Bull bought the team from AEG in 2006, paying $30 million for the team, $45 million for a half interest in the stadium and $25 million for the venue's naming rights.
And RBNY will tweak the final product a bit, according to managing director Marc de Grandpre. The seating capacity will be bumped up to the 25,000 level, and a concert stage will be deleted, making it a soccer-only facility." ....
"Site work started for the facility a year ago, and it's now slated to be finished in 2009. It's a cornerstone project of the under-construction Harrison MetroCentre, a mixed-use redevelopment being done by the Bedminster-based Advance Realty Group." ...
for the complete story see:
http://www.globest.com/news/1041_1041/newjersey/166213-1.h
tml
Saturday, November 24, 2007
Orlando concerned over Indian gaming
from today's Orlando Sentinel
Orlando-area tourism officials fear Crist's gambling compact
Jason Garcia
"An unprecedented deal struck this month by Gov. Charlie Crist and the Seminole Tribe of Florida would, for the first time, bring high-stakes gambling practically to Orlando's doorstep -- clearing the way for Vegas-style slot machines, blackjack and baccarat at a Tampa casino about an hour's drive from the gates of Disney's Magic Kingdom.
Now tourism executives in Central Florida, which has spent billions building Orlando into perhaps the best-known family-vacation destination on the planet, say it is only a matter of time until gambling interests seek access here, too.
"There'll be a movement. It's going to spread," said Tom Ackert, executive director of the Orange County Convention Center. "If the Seminoles expand and are successful -- and if there isn't a corresponding disaster related to crime or other stuff -- it's going to be hard to push against it."
The region's tourism leaders are almost uniformly opposed to gaming, at least locally. Gambling, they say, is clearly an adults-only activity that would undermine Orlando's image as a family-friendly location.
That's a reputation the region spends heavily to cultivate. The Orlando/Orange County Convention & Visitors Bureau, for example, is in the midst of a two-year, $68 million marketing campaign aimed at convincing travelers that Orlando is a destination "Built for families. Made for memories."
Gambling is "just not a good fit with the Orlando brand. The Orlando brand is largely built around the family -- and families with children, at that," said Jim Atchison, president and chief operating officer of Busch Entertainment Corp., parent company of SeaWorld Orlando, Discovery Cove and the soon-to-open Aquatica water park.
But Central Florida tourism has never before been confronted with a full-fledged gambling resort within easy driving distance. The Seminole Hard Rock Hotel & Casino in Tampa, which has been restricted to low-stakes poker and tamer, bingo-style slot machines, is one of seven sites across the state that could add Las Vegas-style slots and card games under the gaming accord signed by Crist and the tribe.
The Seminoles recently completed a $120 million expansion of the Tampa resort, which looms over Interstate 4 east of downtown Tampa. It now features 250 hotel rooms and 3,075 gambling machines. Tribal leaders are already discussing bigger additions -- including a second tower with shops, restaurants and more hotel rooms -- now that more-lucrative gambling is within reach." ....
"Crist and other supporters of the Seminole compact say it is designed to discourage any further expansion of gambling in Florida. That's because the deal stipulates that, should any other location win the right to offer similar games, the Seminoles would no longer have to pay the state annual royalties.
Any initial effort to build a casino in the Orlando area also appears certain to meet fierce opposition from the biggest players in the local tourism industry.
Walt Disney World, for instance, has contributed $600,000 through the years to No Casinos Inc., a group organized to fight pro-gambling constitutional amendments in 1986, 1994 and 2004. Universal Orlando gave $50,000 during the 1994 campaign.
"Our position on gambling has not changed. We remain opposed to the expansion of gambling in the state," Disney spokeswoman Jacquee Polak said. A spokesman for Universal would not comment.
Some local tourism executives cite the difficulties Las Vegas had when it tried to move further into the family-travel market in the 1990s, when resorts along its famed gambling strip spent heavily on amusement rides and themed environments designed to appeal to both adults and children." ...
for the complete story see:
http://www.orlandosentinel.com/news/local/state/orl-gambli
ng2407nov24,0,6860813.story
Orlando-area tourism officials fear Crist's gambling compact
Jason Garcia
"An unprecedented deal struck this month by Gov. Charlie Crist and the Seminole Tribe of Florida would, for the first time, bring high-stakes gambling practically to Orlando's doorstep -- clearing the way for Vegas-style slot machines, blackjack and baccarat at a Tampa casino about an hour's drive from the gates of Disney's Magic Kingdom.
Now tourism executives in Central Florida, which has spent billions building Orlando into perhaps the best-known family-vacation destination on the planet, say it is only a matter of time until gambling interests seek access here, too.
"There'll be a movement. It's going to spread," said Tom Ackert, executive director of the Orange County Convention Center. "If the Seminoles expand and are successful -- and if there isn't a corresponding disaster related to crime or other stuff -- it's going to be hard to push against it."
The region's tourism leaders are almost uniformly opposed to gaming, at least locally. Gambling, they say, is clearly an adults-only activity that would undermine Orlando's image as a family-friendly location.
That's a reputation the region spends heavily to cultivate. The Orlando/Orange County Convention & Visitors Bureau, for example, is in the midst of a two-year, $68 million marketing campaign aimed at convincing travelers that Orlando is a destination "Built for families. Made for memories."
Gambling is "just not a good fit with the Orlando brand. The Orlando brand is largely built around the family -- and families with children, at that," said Jim Atchison, president and chief operating officer of Busch Entertainment Corp., parent company of SeaWorld Orlando, Discovery Cove and the soon-to-open Aquatica water park.
But Central Florida tourism has never before been confronted with a full-fledged gambling resort within easy driving distance. The Seminole Hard Rock Hotel & Casino in Tampa, which has been restricted to low-stakes poker and tamer, bingo-style slot machines, is one of seven sites across the state that could add Las Vegas-style slots and card games under the gaming accord signed by Crist and the tribe.
The Seminoles recently completed a $120 million expansion of the Tampa resort, which looms over Interstate 4 east of downtown Tampa. It now features 250 hotel rooms and 3,075 gambling machines. Tribal leaders are already discussing bigger additions -- including a second tower with shops, restaurants and more hotel rooms -- now that more-lucrative gambling is within reach." ....
"Crist and other supporters of the Seminole compact say it is designed to discourage any further expansion of gambling in Florida. That's because the deal stipulates that, should any other location win the right to offer similar games, the Seminoles would no longer have to pay the state annual royalties.
Any initial effort to build a casino in the Orlando area also appears certain to meet fierce opposition from the biggest players in the local tourism industry.
Walt Disney World, for instance, has contributed $600,000 through the years to No Casinos Inc., a group organized to fight pro-gambling constitutional amendments in 1986, 1994 and 2004. Universal Orlando gave $50,000 during the 1994 campaign.
"Our position on gambling has not changed. We remain opposed to the expansion of gambling in the state," Disney spokeswoman Jacquee Polak said. A spokesman for Universal would not comment.
Some local tourism executives cite the difficulties Las Vegas had when it tried to move further into the family-travel market in the 1990s, when resorts along its famed gambling strip spent heavily on amusement rides and themed environments designed to appeal to both adults and children." ...
for the complete story see:
http://www.orlandosentinel.com/news/local/state/orl-gambli
ng2407nov24,0,6860813.story
Scottish hotels too cheap?
from today's Scotsman
Tourism chief tells hotels to raise prices 'because they're too cheap'
BRIAN FERGUSON (bferguson@scotsman.com)
"HOTEL operators and guesthouse owners across Scotland have been told to raise prices during peak periods to cash in on demand from visitors.
VisitScotland's chairman, Peter Lederer, said accommodation providers who found themselves booked up months in advance should do all they can to maximise income.
And he has called for tourism workers to stop apologising for the cost of a visit to Scotland and instead talk up the value for money on offer.
However Mr Lederer, the chairman of Gleneagles Hotel, was criticised by industry figures and politicians who feared the impact his message may have on Scotland's reputation.
Critics warned visitors may be put off returning to the country if they believed prices had been increased in the peak season or to coincide with major events, like golf competitions, rugby internationals or festivals.
Mr Lederer was speaking out at VisitScotland's annual meeting in Edinburgh, when he also warned that the industry was being let down by rubbish-strewn roads, inconsistent service and a culture of complaining about the weather." ....
"Mr Lederer said everyone in the industry had a part to play in boosting income generated by Scotland's tourism by 50 per cent by 2015. " ....
For the complete article see:
http://news.scotsman.com/scotland.cfm?id=1845942007
Tourism chief tells hotels to raise prices 'because they're too cheap'
BRIAN FERGUSON (bferguson@scotsman.com)
"HOTEL operators and guesthouse owners across Scotland have been told to raise prices during peak periods to cash in on demand from visitors.
VisitScotland's chairman, Peter Lederer, said accommodation providers who found themselves booked up months in advance should do all they can to maximise income.
And he has called for tourism workers to stop apologising for the cost of a visit to Scotland and instead talk up the value for money on offer.
However Mr Lederer, the chairman of Gleneagles Hotel, was criticised by industry figures and politicians who feared the impact his message may have on Scotland's reputation.
Critics warned visitors may be put off returning to the country if they believed prices had been increased in the peak season or to coincide with major events, like golf competitions, rugby internationals or festivals.
Mr Lederer was speaking out at VisitScotland's annual meeting in Edinburgh, when he also warned that the industry was being let down by rubbish-strewn roads, inconsistent service and a culture of complaining about the weather." ....
"Mr Lederer said everyone in the industry had a part to play in boosting income generated by Scotland's tourism by 50 per cent by 2015. " ....
For the complete article see:
http://news.scotsman.com/scotland.cfm?id=1845942007
Friday, November 23, 2007
fresh from the mail bin -- new Income/Expense Analysis Reports from IREM
They're here! They're here!!!!!
These reports cover U.S. and Canadian properties and sorts them by type to provide revenue, expense, and vacancy trends in dollars/sq. ft.; retail volume covers tenants and anchors, but is based solely on a sample, not detailed specifics on centers.
These reports cover U.S. and Canadian properties and sorts them by type to provide revenue, expense, and vacancy trends in dollars/sq. ft.; retail volume covers tenants and anchors, but is based solely on a sample, not detailed specifics on centers.
Wednesday, November 21, 2007
AECOM and ERA make LABJ --
Out of this afternoon's email --
Aecom Acquires Economic Research Frim
By ALLEN P. ROBERTS Jr. - 11/21/2007
Los Angeles Business Journal Staff
Aecom Technology Corp. said Wednesday that it has agreed to acquire Economics Research Associates of Los Angeles for undisclosed terms.
Economics Research is an international consulting firm concentrating on economic analysis for clients in entertainment, real estate, public facilities, tourism and economic development. The acquisition is a move to add to Aecom’s offerings, the Los Angeles-based provider of management and technical support services said in a statement.
This is the third acquisition for Aecom in the past four months. In August, Aecom acquired wastewater management firm KMK Consulting Ltd. and in October acquired environmental science consulting firm Gartner Lee Limited. Financial terms of either deal were not released. Both firms are based in Canada.
Shares in Aecom were up 8 cents to $29.92 in afternoon trading Wednesday on the New York Stock Exchange.
Aecom Acquires Economic Research Frim
By ALLEN P. ROBERTS Jr. - 11/21/2007
Los Angeles Business Journal Staff
Aecom Technology Corp. said Wednesday that it has agreed to acquire Economics Research Associates of Los Angeles for undisclosed terms.
Economics Research is an international consulting firm concentrating on economic analysis for clients in entertainment, real estate, public facilities, tourism and economic development. The acquisition is a move to add to Aecom’s offerings, the Los Angeles-based provider of management and technical support services said in a statement.
This is the third acquisition for Aecom in the past four months. In August, Aecom acquired wastewater management firm KMK Consulting Ltd. and in October acquired environmental science consulting firm Gartner Lee Limited. Financial terms of either deal were not released. Both firms are based in Canada.
Shares in Aecom were up 8 cents to $29.92 in afternoon trading Wednesday on the New York Stock Exchange.
Tuesday, November 20, 2007
NY Subway and local development advances
from today's GlobeSt
Second Avenue Subway Gets $1.3B Boost
By Natalie Dolce
"NEW YORK CITY-Gov. Eliot Spitzer, along with James Simpson, administrator for the Federal Transit Administration, revealed an agreement that guarantees $1.3 billion in federal funding for the construction of the first phase of the Second Avenue subway. The first phase of the subway project will run along Second Avenue north from 63rd Street to 105th Street, creating three ADA-accessible stations at 72nd, 86th and 96th streets.
According to Lt. Gov. David Paterson, mass transit is the linchpin of any economic design for the 21st century, so it is no surprise that real estate insiders are also bullish about the news. Eric Lewis, a managing director of Cushman & Wakefield's hospitality and gaming group, tells GlobeSt.com that "upon completion, the Second Avenue subway should boost values significantly in the areas it will serve."
Stuart Saft, partner at Dewey & LeBoeuf LLP agrees, telling GlobeSt.com that "the existence of the subway should dramatically increase the value of the real estate on First Avenue and York Avenue, which will have greater access to mass transportation." Saft does note, however, that "it might adversely affect the value of the property which will house the subway stations along the new route."
Saft continues that "it is surprising that the 96th Street station will be located between 93rd Street and 94th Street, even though 96th Street and above is likely to have the greatest growth over future decades. Patients and visitors to Metropolitan Hospital will have much further to walk to get to and from the subway." ....
"The line is scheduled to open in 2014. Construction will continue with three additional phases that will extend the line first up to 125th Street, where it will connect with the 4, 5 and 6 subway lines and with MTA Metro-North Railroad, and then down to Hanover Square in the Financial District." ...
"When completed, the full-length Second Avenue Subway is projected to carry 560,000 people per day. New York City’s entire subway now carries nearly 6.3 million passengers on a typical weekday." ...
for the complete story see:
http://www.globest.com/news/1039_1039/newyork/166117-1.html
Second Avenue Subway Gets $1.3B Boost
By Natalie Dolce
"NEW YORK CITY-Gov. Eliot Spitzer, along with James Simpson, administrator for the Federal Transit Administration, revealed an agreement that guarantees $1.3 billion in federal funding for the construction of the first phase of the Second Avenue subway. The first phase of the subway project will run along Second Avenue north from 63rd Street to 105th Street, creating three ADA-accessible stations at 72nd, 86th and 96th streets.
According to Lt. Gov. David Paterson, mass transit is the linchpin of any economic design for the 21st century, so it is no surprise that real estate insiders are also bullish about the news. Eric Lewis, a managing director of Cushman & Wakefield's hospitality and gaming group, tells GlobeSt.com that "upon completion, the Second Avenue subway should boost values significantly in the areas it will serve."
Stuart Saft, partner at Dewey & LeBoeuf LLP agrees, telling GlobeSt.com that "the existence of the subway should dramatically increase the value of the real estate on First Avenue and York Avenue, which will have greater access to mass transportation." Saft does note, however, that "it might adversely affect the value of the property which will house the subway stations along the new route."
Saft continues that "it is surprising that the 96th Street station will be located between 93rd Street and 94th Street, even though 96th Street and above is likely to have the greatest growth over future decades. Patients and visitors to Metropolitan Hospital will have much further to walk to get to and from the subway." ....
"The line is scheduled to open in 2014. Construction will continue with three additional phases that will extend the line first up to 125th Street, where it will connect with the 4, 5 and 6 subway lines and with MTA Metro-North Railroad, and then down to Hanover Square in the Financial District." ...
"When completed, the full-length Second Avenue Subway is projected to carry 560,000 people per day. New York City’s entire subway now carries nearly 6.3 million passengers on a typical weekday." ...
for the complete story see:
http://www.globest.com/news/1039_1039/newyork/166117-1.html
Las Vegas property being amassed
from today's GlobeSt
North Strip Assemblage in the Works
By Brian K. Miller
"LAS VEGAS-An entity of Triple Five Nevada has paid $180 million for a 5.4-acre site fronting the Las Vegas Strip next to the 26-acre Riviera resort-casino. Located at 2955 S. Las Vegas Blvd., the site was previously home to the La Concha Motel. The seller, Lorenzo Doumani, CEO of Majestic Resorts, tells GlobeSt.com that the buyer has optioned two adjacent parcels that, if exercised, would give it nearly 18 acres to master plan.
The buyer is listed on county records as Las Vegas Strip North Holdings LLC, whose local address matches that of Triple Five Nevada. Triple Five recently sold its 9.2% stake in Riviera Holding Corp. to Riv Acquisition Holdings, the private equity group that is trying to acquire the publicly held casino owner and operator.
The smaller of the two additional parcels optioned by the Triple Five entity is the Peppermill, a Strip-front restaurant immediately south of the Riviera that sits on a 1.13-acre site controlled by Doumani. The Triple Five entity has a three-year option to acquire the property, Doumani says.
The larger site, totaling about 9.5 acres, abuts both the east end of the Peppermill property and the south side of the Riviera. The site surrounds Kishner Drive, which is accessed off Convention Center Drive, one block south of Riviera Boulevard. Details of the Triple Five entity’s option agreement with this seller, whom Doumani describes as a friend of his, was not immediately available. The multi-parcel site currently houses Somerset Apartments, Somerset House Motel, a strip mall and the Villa Roma Inn.
Given its activity thus far, it is likely the Triple Five entity also is trying to acquire the parcel at the corner of Las Vegas Boulevard and Convention Center Drive and the two on either side of it because all three would be surrounded by the parcels it already has acquired or optioned." ....
for complete story see:
http://www.globest.com/news/1039_1039/lasvegas/166126-1.html
North Strip Assemblage in the Works
By Brian K. Miller
"LAS VEGAS-An entity of Triple Five Nevada has paid $180 million for a 5.4-acre site fronting the Las Vegas Strip next to the 26-acre Riviera resort-casino. Located at 2955 S. Las Vegas Blvd., the site was previously home to the La Concha Motel. The seller, Lorenzo Doumani, CEO of Majestic Resorts, tells GlobeSt.com that the buyer has optioned two adjacent parcels that, if exercised, would give it nearly 18 acres to master plan.
The buyer is listed on county records as Las Vegas Strip North Holdings LLC, whose local address matches that of Triple Five Nevada. Triple Five recently sold its 9.2% stake in Riviera Holding Corp. to Riv Acquisition Holdings, the private equity group that is trying to acquire the publicly held casino owner and operator.
The smaller of the two additional parcels optioned by the Triple Five entity is the Peppermill, a Strip-front restaurant immediately south of the Riviera that sits on a 1.13-acre site controlled by Doumani. The Triple Five entity has a three-year option to acquire the property, Doumani says.
The larger site, totaling about 9.5 acres, abuts both the east end of the Peppermill property and the south side of the Riviera. The site surrounds Kishner Drive, which is accessed off Convention Center Drive, one block south of Riviera Boulevard. Details of the Triple Five entity’s option agreement with this seller, whom Doumani describes as a friend of his, was not immediately available. The multi-parcel site currently houses Somerset Apartments, Somerset House Motel, a strip mall and the Villa Roma Inn.
Given its activity thus far, it is likely the Triple Five entity also is trying to acquire the parcel at the corner of Las Vegas Boulevard and Convention Center Drive and the two on either side of it because all three would be surrounded by the parcels it already has acquired or optioned." ....
for complete story see:
http://www.globest.com/news/1039_1039/lasvegas/166126-1.html
Monday, November 19, 2007
Saturday, November 17, 2007
news from all fronts
Journal of Sports Economics (Dec): effects of competitive balance on MLB attendance; stadium naming rights valuation
Funworld (Nov): regional spotlight on South America; Niagara Falls tourism; new amusement-water park in Ontario, Canada; Parque Reunidos bought Palace Entertainment; Disney changing MGM Studios name to "Disney's Hollywood Studios;" IAAPA demographics on customers; parks and neighboring developments; run-away train rides; Philippine park owner; bio of BRC's Bob Rogers; Canada's Wonderland's new coaster; race-themed FEC opending in Mooresville, NC; Venetian Macau opening; Schlitterbahn Vacation Village (Kansas City, KS) opening delayed
Economist (11/10): Channel tunnel renovation completes rail link
Business Week (11/12): Golf Business special section -- features an article on how golf home developments are doing in the current market
Preservation (Nov-Dec): feature on Historic Eastfield village (NY); preservation awards announced (including Griffith Observatory)
Funworld (Nov): regional spotlight on South America; Niagara Falls tourism; new amusement-water park in Ontario, Canada; Parque Reunidos bought Palace Entertainment; Disney changing MGM Studios name to "Disney's Hollywood Studios;" IAAPA demographics on customers; parks and neighboring developments; run-away train rides; Philippine park owner; bio of BRC's Bob Rogers; Canada's Wonderland's new coaster; race-themed FEC opending in Mooresville, NC; Venetian Macau opening; Schlitterbahn Vacation Village (Kansas City, KS) opening delayed
Economist (11/10): Channel tunnel renovation completes rail link
Business Week (11/12): Golf Business special section -- features an article on how golf home developments are doing in the current market
Preservation (Nov-Dec): feature on Historic Eastfield village (NY); preservation awards announced (including Griffith Observatory)
Thursday, November 15, 2007
It's all the Red Sox' fault!
from today's The Day (CT)
Foxwoods marks steep decline in slot revenue for October.
By Patricia Daddona
"Foxwoods Resort Casino posted a steep drop of more than 11 percent in slot winnings for the month of October.
The Mohegan Sun slot revenue also declined by a little more than 3 percent.
In its monthly report to the state, Foxwoods' owner, the Mashantucket Pequot Tribal Nation, said the casino won $61.6 million of its $728 million handle - the total amount played on its machines last month. The drop is down 11.5 percent from its winnings a year ago of $69.6 million.
Foxwoods President John O'Brien attributed to drop to the continuous roadwork along Route 2 as improvements are made to the Rainmaker Casino, plus a dearth of players who are Red Sox fans who spent time watching the World Series instead of visiting Foxwoods last month." ...
for the complete story see:
http://www.theday.com/re.aspx?re=dc862832-7b73-48a2-84
5b-dcd7be6632ee
Foxwoods marks steep decline in slot revenue for October.
By Patricia Daddona
"Foxwoods Resort Casino posted a steep drop of more than 11 percent in slot winnings for the month of October.
The Mohegan Sun slot revenue also declined by a little more than 3 percent.
In its monthly report to the state, Foxwoods' owner, the Mashantucket Pequot Tribal Nation, said the casino won $61.6 million of its $728 million handle - the total amount played on its machines last month. The drop is down 11.5 percent from its winnings a year ago of $69.6 million.
Foxwoods President John O'Brien attributed to drop to the continuous roadwork along Route 2 as improvements are made to the Rainmaker Casino, plus a dearth of players who are Red Sox fans who spent time watching the World Series instead of visiting Foxwoods last month." ...
for the complete story see:
http://www.theday.com/re.aspx?re=dc862832-7b73-48a2-84
5b-dcd7be6632ee
Tuesday, November 13, 2007
local/regional real estate news
Indian Country Today (11/7): govt defining Indian slots/bingo debate; NIGC regs on bingo games; OK and tribal gaming; Navajo approval of casino development funding; SD casino expansion; Wyandotte casino (CO); Harrah's casino problem
Crain's Chicago Business (10/29): office building adapted as boutique hotel
California Real Estate Journal (10/29): Inland Empire development; CA Indian casino and hotel developments; sustainable buildings development issues
Orange County Business Journal (11/5): Lennar Corp. halts condo development in Irvine; Santa Ana lifestyle center redeveloping
Los Angeles Business Journal (11/5): L.A. film studio real estate boom; UFL football team for Los Angeles?
California Real Estate Journal (10/15): CA stadium proposals (SF, Santa Clara); gaming, tribes, tracks team up for mega-casinos; San Diego receives Federal approval to quit public housing; Bay Area mixed use review; New Urban development trends
New Orleans City Business (10/22): recovery plan review; Halloween tourism; map of recovery target areas
New Orleans City Business (10/29): costs to return NBA Hornets to New Orleans; tax program for redevelopment
California Real Estate Journal (11/5): Inland Empire affordable housing issues; Grand Del Mar Resort, San Diego
San Diego Business Journal (11/5): economic impact of 2007 fires
San Fernando Valley Business Journal (10/29): new Sun Valley plan
Crain's Chicago Business (10/22): proposed city-owned casino economic impact; hotel outlook; green district debated
Crain's Chicago Business (10/29): office building adapted as boutique hotel
California Real Estate Journal (10/29): Inland Empire development; CA Indian casino and hotel developments; sustainable buildings development issues
Orange County Business Journal (11/5): Lennar Corp. halts condo development in Irvine; Santa Ana lifestyle center redeveloping
Los Angeles Business Journal (11/5): L.A. film studio real estate boom; UFL football team for Los Angeles?
California Real Estate Journal (10/15): CA stadium proposals (SF, Santa Clara); gaming, tribes, tracks team up for mega-casinos; San Diego receives Federal approval to quit public housing; Bay Area mixed use review; New Urban development trends
New Orleans City Business (10/22): recovery plan review; Halloween tourism; map of recovery target areas
New Orleans City Business (10/29): costs to return NBA Hornets to New Orleans; tax program for redevelopment
California Real Estate Journal (11/5): Inland Empire affordable housing issues; Grand Del Mar Resort, San Diego
San Diego Business Journal (11/5): economic impact of 2007 fires
San Fernando Valley Business Journal (10/29): new Sun Valley plan
Crain's Chicago Business (10/22): proposed city-owned casino economic impact; hotel outlook; green district debated
misc news
New Urban News (Oct-Nov): new urban projects; smart growth on the rise; TNDs; charrette for Towson, MD
Shopping Center Business (Nov): mixed-use profiles from throughout the U.S.
Urban Land (Oct): TOD in L.A.; New Orleans recovery; China housing market; water and sustainability; Western (U.S.) development; Las Vegas and water; rebuilding after disasters; Portland, OR and waterfront development; Brooklyn Bridge Park and waterfront redevelopment; North Delaware River (Philadelphia) waterfront; Middle East Gulf development; European travel on the rise and pushing airport development; European transit developments; Bogota, Columbia; India-- real estate and economic development trends; Cambodia; Macau-- gaming and over-development?; regional spotlight on MD
Tradeshow Week (10/22): Philadelphia convention center expansion
Shopping Center Business (Nov): mixed-use profiles from throughout the U.S.
Urban Land (Oct): TOD in L.A.; New Orleans recovery; China housing market; water and sustainability; Western (U.S.) development; Las Vegas and water; rebuilding after disasters; Portland, OR and waterfront development; Brooklyn Bridge Park and waterfront redevelopment; North Delaware River (Philadelphia) waterfront; Middle East Gulf development; European travel on the rise and pushing airport development; European transit developments; Bogota, Columbia; India-- real estate and economic development trends; Cambodia; Macau-- gaming and over-development?; regional spotlight on MD
Tradeshow Week (10/22): Philadelphia convention center expansion
Friday, November 9, 2007
Turnberry Golf Resort up for sale
From yesterday's Glasgow Herald (11/8):
That’s some course fee: £100m price tag for Turnberry golf resort
"Turnberry, the Scottish golf resort that will host the 2009 Open Championship, has been put up for sale for up to £100m by its American owners.
Starwood Hotels & Resorts, which runs the 219-room five-star hotel under its luxury Westin brand, is seeking an outside investor to buy the property and fund a multimillion-pound development programme." ...
"Starwood said that it had appointed Jones Lang LaSalle Hotels to handle the process, although any deal was dependent on Starwood being retained to manage the resort.
It is also understood to be willing to retain a minority stake in the resort, which features two 18-hole courses, the Ailsa and Kintyre, as well as a nine-hole course, The Arran.
Westin's purchase of Turnberry in 1997 was followed by a £10m investment programme, which the owners claim has now placed Turnberry among an elite handful of the best golf resorts in the world."
for the complete story see:
http://www.theherald.co.uk/search/display.var.1817291.0.that
s_some_course_fee_100m_price_tag_for_turnberry_golf_resort.php
That’s some course fee: £100m price tag for Turnberry golf resort
"Turnberry, the Scottish golf resort that will host the 2009 Open Championship, has been put up for sale for up to £100m by its American owners.
Starwood Hotels & Resorts, which runs the 219-room five-star hotel under its luxury Westin brand, is seeking an outside investor to buy the property and fund a multimillion-pound development programme." ...
"Starwood said that it had appointed Jones Lang LaSalle Hotels to handle the process, although any deal was dependent on Starwood being retained to manage the resort.
It is also understood to be willing to retain a minority stake in the resort, which features two 18-hole courses, the Ailsa and Kintyre, as well as a nine-hole course, The Arran.
Westin's purchase of Turnberry in 1997 was followed by a £10m investment programme, which the owners claim has now placed Turnberry among an elite handful of the best golf resorts in the world."
for the complete story see:
http://www.theherald.co.uk/search/display.var.1817291.0.that
s_some_course_fee_100m_price_tag_for_turnberry_golf_resort.php
Glasgow wins 2014 Commonwealth Games
from tomorrow morning's (today's) Glasgow Herald (11/10):
It’s Glasgow’s Games as city wins 2014 bid
"Glasgow struck gold yesterday when the city landed the 2014 Commonwealth Games with a convincing 47-24 vote majority over Nigerian capital Abuja.
The decision sparked massive celebrations among the Scottish bid team in Sri Lanka and thousands of Glaswegians 5600 miles away, watching the declaration live on giant TV screens at a series of public events.
Now Glasgow plans to use the gift of the Games to change the face of the city and major sport forever, an intention which had been shared by the losing team. But Nigeria's hopes of becoming the first African country to host the event were dashed." ...
"The Games are expected to cost Scotland around £300m to stage, with the costs split 80-20 between the Scottish Government and the city. However, the potential financial benefits have been estimated to top £1bn. Council leader Steven Purcell pledged the city's £60m share of expenditure would not cause a council tax increase.
"It's a contract with the Scottish Government. At no point will this be added to council tax. Glasgow, as second city of the Empire, took plenty out of the Commonwealth and now it's our turn to put something back," he said." ...
"The Games will open at Celtic Park on July 23, with athletes able to walk to the ceremony from the nearby village in Dalmarnock for the first time. Competition will begin the next day and run to August 4, with the closing ceremony at Hampden.
The rugby sevens tournament will be held at Ibrox, highlighting access to three world-class facilities already in place, another powerful plank in the Glasgow submission."
for the complete story see:
http://www.theherald.co.uk/news/news/display.var.182349
7.0.0.php
It’s Glasgow’s Games as city wins 2014 bid
"Glasgow struck gold yesterday when the city landed the 2014 Commonwealth Games with a convincing 47-24 vote majority over Nigerian capital Abuja.
The decision sparked massive celebrations among the Scottish bid team in Sri Lanka and thousands of Glaswegians 5600 miles away, watching the declaration live on giant TV screens at a series of public events.
Now Glasgow plans to use the gift of the Games to change the face of the city and major sport forever, an intention which had been shared by the losing team. But Nigeria's hopes of becoming the first African country to host the event were dashed." ...
"The Games are expected to cost Scotland around £300m to stage, with the costs split 80-20 between the Scottish Government and the city. However, the potential financial benefits have been estimated to top £1bn. Council leader Steven Purcell pledged the city's £60m share of expenditure would not cause a council tax increase.
"It's a contract with the Scottish Government. At no point will this be added to council tax. Glasgow, as second city of the Empire, took plenty out of the Commonwealth and now it's our turn to put something back," he said." ...
"The Games will open at Celtic Park on July 23, with athletes able to walk to the ceremony from the nearby village in Dalmarnock for the first time. Competition will begin the next day and run to August 4, with the closing ceremony at Hampden.
The rugby sevens tournament will be held at Ibrox, highlighting access to three world-class facilities already in place, another powerful plank in the Glasgow submission."
for the complete story see:
http://www.theherald.co.uk/news/news/display.var.182349
7.0.0.php
1st post-Katrina new hotel in NOLA to be a condohotel
from yesterday's Times-Picayune
Condo hotel and tower on Royal to take shape
$50 million job to start in 2008
Thursday, November 08, 2007
By Jaquetta White
"Construction on a $50 million project to renovate a long-vacant Royal Street hotel into a luxury condo hotel is set to begin early next year, the developers said.
Developers Angelo Farrell and Lee Laporte, doing business as Royal Cosmopolitan LLC, also announced this week that they have hired Salamander Hospitality LLC of Virginia to operate and manage the site.
The Royal Cosmopolitan will be the state's first condo hotel and, when construction begins, the first new hotel project to break ground in the city post-Katrina" ....
"Farrell and Laporte bought the more than 100-year-old Astor Hotel building at 121-25 Royal St. in 2005 for $3.2 million. They are spending $50 million to renovate the site, which has been closed for decades except for a few retail operations on the bottom floor. The plan also calls for building a new 26-story, 259-foot tower behind it, in the middle of the block bounded by Royal, Canal, Bourbon and Iberville streets.
The 131-room Royal Cosmopolitan will be a condominium hotel, or "condotel," which means its rooms are available for sale as condominiums but the buyers can share in the revenue from guests who stay there when they don't.
The project first became public in 2005, when a version of it won approval from the City Planning Commission, the Central Business District panel of the Historic District Landmarks Commission, and the City Council with no opposition from French Quarter residential and preservation groups. That proposal was for a 17-story, 178-foot tower, a building only slightly taller than the Astor Crown Plaza in the same block.
But after Katrina, the developers went back to those groups asking to increase the height of the unbuilt tower by nine floors, to 26, because they needed to increase the number of rooms and suites from 80 to 152 to cover construction costs that had risen by 35 percent to 40 percent since Katrina. The new 268-foot proposed tower would be significantly taller than the Astor Crown Plaza.
That proposal drew objections from French Quarter preservation leaders and two City Planning Commission members, but it eventually was approved in a 6-2 vote by the planning panel and unanimously by the landmarks commission in December 2006. The project also won unanimous support from the City Council in February after the developers made a last-minute decision to reduce the structure's height from 268 feet to 259 feet.
Previous attempts to rehabilitate the hotel failed to gain either financing or city approval.
The condotel is scheduled to open in early 2009. It will feature 107 condominium suites and 24 guest rooms in the original building. The units range in price from $349,000 for the smallest one-bedroom unit to $879,000 for a penthouse suite.
The property also will feature valet parking, a skytop bar and lounge, and an infinity pool.
The hotel will employ about 600 people during the construction phase and 250 when it opens." ...
for the complete story see:
http://www.nola.com/timespic/stories/index.ssf?/base/mone
y-1/1194502939317450.xml&coll=1
Condo hotel and tower on Royal to take shape
$50 million job to start in 2008
Thursday, November 08, 2007
By Jaquetta White
"Construction on a $50 million project to renovate a long-vacant Royal Street hotel into a luxury condo hotel is set to begin early next year, the developers said.
Developers Angelo Farrell and Lee Laporte, doing business as Royal Cosmopolitan LLC, also announced this week that they have hired Salamander Hospitality LLC of Virginia to operate and manage the site.
The Royal Cosmopolitan will be the state's first condo hotel and, when construction begins, the first new hotel project to break ground in the city post-Katrina" ....
"Farrell and Laporte bought the more than 100-year-old Astor Hotel building at 121-25 Royal St. in 2005 for $3.2 million. They are spending $50 million to renovate the site, which has been closed for decades except for a few retail operations on the bottom floor. The plan also calls for building a new 26-story, 259-foot tower behind it, in the middle of the block bounded by Royal, Canal, Bourbon and Iberville streets.
The 131-room Royal Cosmopolitan will be a condominium hotel, or "condotel," which means its rooms are available for sale as condominiums but the buyers can share in the revenue from guests who stay there when they don't.
The project first became public in 2005, when a version of it won approval from the City Planning Commission, the Central Business District panel of the Historic District Landmarks Commission, and the City Council with no opposition from French Quarter residential and preservation groups. That proposal was for a 17-story, 178-foot tower, a building only slightly taller than the Astor Crown Plaza in the same block.
But after Katrina, the developers went back to those groups asking to increase the height of the unbuilt tower by nine floors, to 26, because they needed to increase the number of rooms and suites from 80 to 152 to cover construction costs that had risen by 35 percent to 40 percent since Katrina. The new 268-foot proposed tower would be significantly taller than the Astor Crown Plaza.
That proposal drew objections from French Quarter preservation leaders and two City Planning Commission members, but it eventually was approved in a 6-2 vote by the planning panel and unanimously by the landmarks commission in December 2006. The project also won unanimous support from the City Council in February after the developers made a last-minute decision to reduce the structure's height from 268 feet to 259 feet.
Previous attempts to rehabilitate the hotel failed to gain either financing or city approval.
The condotel is scheduled to open in early 2009. It will feature 107 condominium suites and 24 guest rooms in the original building. The units range in price from $349,000 for the smallest one-bedroom unit to $879,000 for a penthouse suite.
The property also will feature valet parking, a skytop bar and lounge, and an infinity pool.
The hotel will employ about 600 people during the construction phase and 250 when it opens." ...
for the complete story see:
http://www.nola.com/timespic/stories/index.ssf?/base/mone
y-1/1194502939317450.xml&coll=1
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